Calculation of S&P CNX Defty
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Computations are done using the S&P CNX Nifty index calculated on the NEAT trading system of NSE and INR-USD exchange rate that is based on the real time polled data feed.
S&P CNX Defty = S&P CNX Nifty at time t * Exchange rate as on base date
Exchange rate at time t
It is very clear that this index is used by FII to judge market which is running near December lows. Weak Rupee can do a lot more damage in term of sentiments. INR is hitting 56+ against USD. RBI is running short of ideas to handle the situation and things are left on time and market. It is indicating that if above index breaks 2950-4940 kind of levels then it can see more massive fall which can be 10-15% in magnitude.
So one must be careful and prefer to stay away from investment buying in all formats. I am sure that you are aware about brutal price hike of petrol by Rs 7.50/ liter.
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