Sensex ends 550 pts higher, Nifty up 175 pts; PSU Bank shines

Indian stock markets continued their rally and gained 1% on Tuesday. Both the indices closed just shy of psychological figures; Sensex below 59,000 and Nifty below 17,500.

Sensex gained 550 points to close at 58,960 and Nifty added 175 points and ended the day at 17,486.

All indices ended in the green in today's session with the PSU Bank index outshining the rest adding 3%. Auto, FMCG and Oil & Gas also made decent gains. Pharma remained flat throughout the session and ended with marginal gains.

Among stocks, State Bank of India continued to climb along with Adani Ports, SBI Life, Eicher Motors and ITC. HDFC, NTPC and Tech Mahindra shed in today's session.

Markets globally rose on Tuesday tailing the overnight rally at Wall Street and a bright outlook for US equity futures which advanced by more than 1.5%.

Japanese stocks closed higher on Tuesday supported by positive indications from U.S. futures markets. The Nikkei index rose as much as 1.7% but pared some gains and closed up 1.42%.

China stocks were volatile on Tuesday with state firms seen taking measures to stabilise markets while delays of key economic data added to uncertainty in the market. Hong Kong shares meanwhile rose for a third consecutive session.

The blue-chip CSI 300 Index closed down 0.2% after rising as much as 0.6% in early morning trade, while the Shanghai Composite Index slipped 0.1%. The Hang Seng Index climbed 1.8%.

European stocks stretched their gains into a fourth day in a revival of risk appetite which analysts attributed to the turnaround in UK fiscal policy. The Stoxx Europe 600 rose around 1% in the morning.

Gold prices in the national capital fell ₹10 to ₹50,783 per 10 grams on Tuesday amid appreciation in rupee, according to HDFC Securities.

In the previous trade, the precious metal had closed at ₹50,793 per 10 grams.

Silver, however, climbed ₹774 to ₹57,064 per kilogram from ₹56,290 per kg.

The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.

In the international market, gold was trading in green at USD 1,657 per ounce while silver was up at USD 18.91 per ounce. (PTI)

China stocks traded sideways on Tuesday, with state firms seen taking measures to stabilise markets amid the ruling Communist Party's ongoing congress, while delays of key economic data added to uncertainty in the market.

Hong Kong shares, meanwhile, rose for a third consecutive session, tracking global markets up as the dramatic U-turn in British fiscal policy brightened investor sentiment.

** The blue-chip CSI 300 Index closed down 0.2%, after rising as much as 0.6% in early morning trade, while the Shanghai Composite Index slipped 0.1%.

** The Hang Seng Index climbed 1.8%, and the Hang Seng China Enterprises Index jumped 2.2%. (Reuters)

Max Life Insurance Company Ltd. has appointed Ranbheer Singh Dhariwal as chief executive officer (CEO) of its wholly-owned subsidiary, Max Life Pension Fund Management Ltd., effective 15 October. Dhariwal will be responsible for managing and expanding Max Life Pension Fund and lead end-to-end business operations.

Prior to joining Max Life Pension, Dhariwal was associated with HDFC Life Insurance Company Ltd. as senior vice president and head–retirement horizontal, NPS annuity and government funds. He has experience of over two decades across setting up and leading retirement business and leading operations across health, online/e-commerce, digital marketing and direct marketing channels. (Read More)

The Indian government is in talks with the market regulator seeking to relax a key public shareholding norm for the potential buyer of IDBI Bank in a bid to attract a larger pool of suitors, according to two sources.

Earlier this month, India invited bids for a 60.72% stake in IDBI Bank –– which is 45.48% owned by the government and 49.24% by state-owned Life Insurance Corp (LIC) –– after dragging its feet for years.

The Securities and Exchange Board of India (SEBI), India's capital markets regulator, mandates a minimum 25% of public shareholding for all listed entities, excluding state-owned companies, within three years of listing. (Reuters)

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is making a proposal to retake 20 per cent stake in Russia's Sakhalin-1 oil and gas project in the far east, sources said.

Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz - a regional subsidiary of US supermajor ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.

The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - have to apply to the Russian government to regain their shareholdings in the project. (PTI)

Ambuja Cements Ltd on Tuesday said it has issued 47.74 crore warrants to Adani family firm Harmonia Trade and Investment and raised ₹5,000 crore.

Ambuja Cement, now a part of Adani Cement, has issued 47.74 crore warrants at a price band of ₹418.87, said a regulatory filing by the company.

As per the terms and conditions, the Adani group family has contributed ₹5,000.15 crore, which is "25 per cent of the Limited issued price", it added.

"....We would like to inform you that, the Finance Committee of Directors of the Company, at its meeting held today approved allotment of the warrants of the Company by way of the private placement on a preferential issue basis to Harmonia Trade and Investment Ltd," Ambuja said.

The warrants issued on a preferential issues basis to Adani Group firm have a face value of ₹2, it added. (PTI)

Microsoft Corp laid off under 1,000 employees across several divisions this week, Axios reported on Tuesday, citing a source, making it the latest U.S. technology company to cut jobs or slow hiring amid a global economic slowdown.

The layoffs affected less than 1% of Microsoft's total workforce of around 221,000 as of June 30.

The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line. (Reuters)

Japanese automaker Nissan is looking to drive in its global sports utility vehicles, including X-Trail into the Indian market, as it looks to strengthen its presence in the country, a top company official said on Tuesday.

The company, which currently sells models like Magnite and Kicks in the country, is looking to drive in models like X-Trail, Juke and Qashqai into the country.

On Tuesday, the automaker announced that it is studying the feasibility of X-Trail and Qashqai for the Indian market.

Testing has already begun for the X-Trail and Qashqai in the Indian road conditions.

Focusing specifically on their adaptability to Indian roads and differing terrains, the tests will assess each vehicle's ability to meet customers' needs. (PTI)

India is examining whether there is a need to raise palm oil import taxes, government and trade sources said, as part of efforts by the world's biggest vegetable oil importer to help millions of its farmers reeling from lower oilseed prices.

Earlier this year, India abolished the basic import tax on crude palm oil (CPO) to keep a lid on prices. New Delhi continues with a 5% tax known as the Agriculture Infrastructure and Development Cess on CPO imports. (Full Story)

With the FIIs selling of Indian stocks, Indian ace investor Shankar Sharma sees that as the ‘special idiocy’ of selling the Indian stocks to what he says is the best performing market in the world.

“If you need any proof that Wall Street & FIIs know next to nothing about Investing, look no further than their India Selling data in the past 18-20 months. It takes special idiocy to sell the best ( performing) market in the world," Sharma tweeted. (Read More)

Japanese stocks closed higher on Tuesday, supported by strong overnight Wall Street performance and positive indications from U.S. futures markets.

The Nikkei index rose as much as 1.7% in early trade. But the index pared some gains and fell below the 27,000 psychological barrier, before rebounding and closing up 1.42% at 27,156.14.

The broader Topix rose 1.16%.

"There is the fact that U.S. stocks were up yesterday (Monday), but futures have also risen sharply — for example the Dow Jones," said Yutaka Miura, a senior equities analyst at Mizuho Securities. (Reuters)

Union Civil Aviation Minister Jyotiraditya Scindia on Tuesday urged eight states and Union Territories to reduce tax on jet fuel as there is a huge demand for air travel after the Covid-19 pandemic. The minister was speaking at the Civil Aviation Ministers' conference in the national capital.

Domestic air traffic is inching closer to the pre-Covid level and in recent times, the daily passenger numbers crossed the four lakh mark twice, as per PTI reports. (Read More)

Carbon credit developer EKI Energy Services Ltd on Tuesday announced the launch of India's first ever ₹1,000 crore Climate Impact Fund in partnership with Impact Capital Asset Management Pte Ltd, Singapore.

EKI Energy Services will invest up to ₹200 crore as part of an ₹1,000 crore (USD 125 million) climate impact fund that it has launched in partnership with Impact Capital Asset Management Pte Ltd (ICAM), a Singapore-based Fund Management company, a company statement said.

The ₹1,000 crore fund is India's first ever climate impact fund, it stated.

EKI will invest up to ₹200 crore in a phased manner in this fund with an aim to empower GHG Mitigation projects across the country and internationally. (PTI)

Indian ace investor and stock market trader Ashish Kacholia, who is known for his ability to pick quality stocks in the midcaps and small caps segment, has increased his stake in his portfolio stock Xpro India Ltd during the three-month period of the second quarter of the current fiscal year.

Xpro India's shareholding pattern for the second quarter i.e., July- September 2022 period showed that Ashish Kacholia holds 7,79,350 equity shares or 4.4% stake in the company as of Q2 FY23, which is up by 0.5% from 3.9% stake in the previous quarter of June 2022. The investor had picked up stake in Xpro India in the July-September 2021 period. (Read More)

PSU Bank index remains strong followed by Auto and FMC, while Pharma index is under pressure.

According to Preeti Chandrashekhar, India Business Leader at Mercer – Health and Wealth, “The financial fragility of individuals has been exposed due to reasons such as the pandemic, global conflicts and volatile interest rates. The lack of a social system to support citizens has only accentuated the impact. Since the past decade or so, 2001-02, the government has adopted a number of measures aimed at pension reforms for both Central Government and for the unorganised sector. Subscribers under the National Pension System are also increasing. However, with traditional employer-employee relationships getting blurred, we need programmes that are inclusive of all Indian workers including those in the gig economy." (Read More)

After the surprisingly low results of Bajaj Auto and PVR, investors are waiting for the Q2 earnings results of other companies like L&T Technology Services, Tata Communications, ICICI Lombard General Insurance Company, Tata Communications, Zen Labs, PolyCab, KPIT Technology, etc on Tuesday. Click here to check for live updates.

Shares of Star Housing Finance Ltd rallied more than 9% to hit a record high of ₹214 apiece on the BSE in Tuesday's trading session after the company announced the issuance of bonus equity shares in 1:1 ratio along with sub division of stock split in 1:2 ratio.

The company on Monday informed in an exchange filing that its “board at its meeting held on October 17, 2022 has approved the sub division or split of 1 (one) equity share of face value of ₹10 into 2 (two) equity shares of face value of ₹5 fully paidup." The board also approved the issue of 1 (one) bonus equity share for every 1 (one) fully paid up equity share. (Read More)

Suzlon on Tuesday said it has bagged an order to supply 23 wind turbines totalling 48.3 MW from Adani Green Energy.

Suzlon will install 23 units of their wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 2.1 MW each, a company statement said.

The project is located in Mandvi, Kutch Gujarat and is expected to be commissioned in 2023.

This order is a repeat order from Adani Green Energy and is in addition to the existing order of 226.8 MW as announced on 13th August 2021.

"We are delighted that Adani Green Energy Ltd has reaffirmed their trust in us for the additional order for their Wind Energy Project in Mandvi, Kutch, Gujarat. (PTI)

India's central bank should pause interest rate hikes, despite unacceptably high inflation, to avoid stalling a recovery in economic growth, monetary policy committee member Jayant Varma told Reuters on Monday.

The Reserve Bank of India's monetary policy committee has raised its key repo rate by 190 basis points since the start of its tightening cycle in May, with net impact of all steps taken resulting in a close to 250 basis points increase, Varma said.

"There is no denying that inflation is unacceptably high but the thing is that we have given a strong dose of medicine and the time has come to wait and see if that medicine works or if we need something even more potent," he said.

"It might conceivably be adequate. We don't know because we started acting in April, the effects of which will be seen only in early to mid-2023."

"So we need to let another quarter pass before we know whether our medicine is working." (Reuters)

China stocks edged higher on Tuesday, with state firms seen taking measures to stabilise markets amid the ruling Communist Party's ongoing congress, while Premier Li Keqiang's vow to support growth also helped sentiment.

** The blue-chip CSI 300 Index rose 0.1% by the end of the morning session, and the Shanghai Composite Index added 0.2%.

** The Hang Seng Index climbed 1%, while the Hang Seng China Enterprises Index was up 1.2%.

** Investors are closely waiting for the results of China's leadership reshuffle, which will be disclosed this weekend as the Communist Party Congress concludes.

** China unusually delayed the release of economic indicators scheduled for publication this week amid the congress, including its third-quarter GDP data. (Reuters)

India saw a single-day rise of 1,542 coronavirus infections, the lowest in 182 days, according to the Union Health Ministry data updated on Tuesday.

The case tally climbed to 4,46,32,430, while the active cases have declined to 26,449, it said. There has been a decrease of 385 cases in the active Covid-19 caseload in 24 hours.

The death toll increased to 5,28,913 with eight fresh fatalities, which include five deaths reconciled by Kerala. The three new fatalities were reported from Gujarat, Odisha and West Bengal, the data updated at 8 am stated. (Read More)

The finalization of basis of share allotment of Tracxn Technologies IPO is now done and all eyes are now on the company's stock market debut. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, October 20, 2022. As per market observers, Tracxn Technologies shares are available at a discount of ₹(-) 3 in the grey market today.

The finalization of basis of share allotment of Tracxn Technologies IPO is now done and all eyes are now on the company's stock market debut. The shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, October 20, 2022. As per market observers, Tracxn Technologies shares are available at a discount of ₹(-) 3 in the grey market today. (Read More)

Tirthankar Das, technical & derivative analyst, retail, Ashika Stock Broking: On the technical front, Nifty formed a long bullish candle following the long bearish candle of Friday, such pattern formation indicates that bulls are making a comeback into the market after a consolidation bouncing back from the crucial support level of 16950 indicating that a higher base for the Index might be in place. Now Index now has moved beyond the immediate resistance level of 17250 is now eyeing higher for next set of resistance level placed at 17450, sustaining above which technically confirm of a reversal in trading action and a sharp upside momentum in the market can be seen. Immediate support for the market is seen at 17100 as slower pace of retracement over the past few sessions indicates of inherent strength in Nifty and a pullback is most likely. During the day index is likely to open on a positive note tracking positive global cues. Hence, one can use intraday dip for creating long position for the target of 17500-17550.

The rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index.

At the interbank foreign exchange, the domestic unit opened at 82.21 against the dollar, then gained further ground to touch 82.08, a gain of 22 paise over its previous close.

On Monday, the rupee depreciated by 11 paise to close at 82.30 against the US dollar.

The rupee started stronger this Tuesday, tracking an overnight fall in the dollar index, said Sriram Iyer, Senior Research Analyst at Reliance Securities. (PTI)

Indian biscuit maker Parle Products is in discussions to consider buying Poland-based peer Dr Gerard from private equity firm Bridgepoint, newspaper Economic Times reported on Tuesday, citing people aware of the matter.

Dr Gerard is valued at 10 billion to 12 billion rupees ($121.72 million to $146.07 million), the report said, with one of the people it cited saying it could be as high as 24 billion rupees. (Read More)

With increase in material and logistic costs, home textile exporters are likely to witness a double-digit contraction in turnover as well as moderation in margins in 2022-23, according to a report.

After peaking in the third quarter of FY22, the turnover of home textile exporters moderated in the quarters ended March 2022 and June 2022 amid a slowdown in demand, a report by rating agency Icra said.

Further, high and increasing raw material and logistic costs resulted in a consistent decline in operating margins since the second quarter of FY22, it added. (PTI)

Union Minister of Commerce and Industry Piyush Goyal said that India has the potential to grow into a global supplier of renewable energy equipment.

He made the remarks while addressing a session themed 'Making India a global manufacturing hub in renewable energy manufacturing' at the 3rd edition of the Confederation of Indian Industry's (CII) renewable energy conference, his ministry said in a statement on Monday evening.

Minister Goyal noted that atmanirbharta or self-reliance in renewable energy is integral to India's economic and national security. (ANI)

Cryptocurrency prices today rose marginally with the world's largest and most popular digital token Bitcoin trading more than a per cent higher at $19,501. After surging to an all-time high of almost $69,000 in November last year, Bitcoin's price has been trading in a narrow range of around $20,000 since June this year. (Read More)

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The whipsaw movement in the mother market of the US is a reflection of the fast-changing perception about the US inflation expectations, terminal Fed rate and direction of the US economy. A section of market participants now feel more optimistic about a soft landing of the US economy and have now turned bullish about the market. It remains to be seen whether this view gathers wider acceptance and sustains.

In India, bulls are gaining strength aided by India’s growth outperformance, good early Q2 results, declining FII selling, steadily rising DII buying and the optimism ushered in by the festive season. Bank Nifty is resilient with the potential to take banking stocks as well as Nifty higher.

Aviation regulator DGCA on Monday directed embattled SpiceJet to carry out analysis of engine oil samples from its Q400 fleet and other inspections, days after one of its planes made an emergency landing at Hyderabad airport due to smoke in the cabin.

The Directorate General of Civil Aviation (DGCA) has also asked the carrier to conduct an inspection of the bleed-off valve screen and housing for evidence of oil wetness.

Boroscopic inspection of all operational engines of all Q400 engines within one week, immediate inspection of Magnetic Chip Detectors (MCD), drawing of engine oil samples every 15 days for analysis and inspection of bleed-off valve screen and housing for evidence of oil wetness in weekly check, are among the other directions. (PTI)

STOCK IN FOCUS

RK Forgings (CMP 231)

Considering better business traction, healthy automobile demand outlook, new order wins, strong margin territory and CV upcycle, we have a BUY rating on RMKF with a TP of Rs260, valuing the stock at a P/E multiple of 13.5x FY24E earnings.

Intraday Picks

SBILIFE (PREVIOUS CLOSE: 1,190) BUY

For today’s trade, long position can be initiated in the range of Rs1,189- 1,181 for the target of Rs1,234 with a strict stop loss of Rs1,164.

ULTRACEMCO (PREVIOUS CLOSE: 6,272) BUY

For today’s trade, long position can be initiated in the range of Rs6,170- 6,120 for the target of Rs6,440 with a strict stop loss of Rs5,994.

SBICARD (PREVIOUS CLOSE: 859) BUY

For today’s trade, long position can be initiated in the range of Rs853- 847 for the target of Rs889 with a strict stop loss of Rs831.

The fight against inflation will be dogged and prolonged, given the long and variable lags with which monetary policy operates, an RBI article said.

"Yet, if we succeed, we will entrench India's prospects as one of the fastest growing economies of the world enjoying a negative inflation differential with the rest of the world," according to the article on the state of economy authored by a team lead by Reserve Bank of India (RBI) Deputy Governor Michael Debabrata Patra.

It said this happy outcome will re-enthuse foreign investors, stabilise markets and secure financial stability on an enduring basis.

Retail inflation spiked to 7.41 per cent in September, remaining above RBI's upper tolerance level of 6 per cent for the ninth month in a row. (PTI)

HeidelbergCement India Ltd on Monday reported a decline of 88.23 per cent in its net profit to ₹7.01 crore in the second quarter ended September 30, 2022, citing lower sales volume.

The company had reported a net profit of ₹59.56 crore in the year-ago period, HeidelbergCement India said in a BSE filing.

Its total revenue from operation was down 12.21 per cent to ₹506.05 crore during the quarter under review against ₹576.47 crore in the corresponding quarter of the previous fiscal.

"Revenue decreased by 12 per cent y-o-y driven by a decrease in volume by 19 per cent and was partially offset by an increase in price by 8 per cent," said HeidelbergCement in a post-earnings statement. (PTI)

We believe the Power Train business will be driven by expected pick up in Replacement cycle for HCVs in the coming quarters and also fresh demand risen by movement in the investment capex cycle of the country. Dieselization demand from all over the world and localization of diesel vehicle demand should lead to strong demand of >20% for Power Trains. Rising infrastructure growth, construction, mining, agri-commodities transportation, increasing freight rates etc will all lead to a very strong growth in the CV industry.

CAL being predominantly driven by CVs and Tractors makes for comfortable investment argument. Exports business (now 10% of topline) and electrification shall drive the Automotive Aluminum business. New orders from the latest undisclosed one along with PSA, Daimler and geographies like Brazil, Japan etc shall diversify the business risks. Both Storage and non-storage businesses shall lead to a strong growth in the Industrial Engg business. We believe margin strength will come back in this business with the commodity prices falling, new businesses and utilisation rates moving up.

CAL is expanding its business at a manageable capex of just ₹2.75 bn maintaining its low D/E of just 0.58x. CAL has met our target and we have seen both DII & FII add the stock during the quarter. We expect the valuation multiples to expand given the exciting growth prospects going forward. We therefore value CAL at 17x FY24E earnings as it currently trades at 14.3x. Maintain BUY with a target of ₹3,333.

ICIC Lombard, Gujarat Fluorochemicals, L&T Technology Services, HFCL, Tata Communications, and KPTI Technologies will be in focus as they declare their September quarter earnings today. (Read More)

Vinod Nair, head of research at Geojit Financial Services: Domestic market started weak in line with a volatile global market. However, due to buying on dips strategy, the domestic market is recovering well supported by a good start to Q2 earnings season by IT & Banks. Broadly, even though the Q2 preview analysis forecast a muted outlook, it is fairly factored in considering the consolidation of the last one month. While outlook for Q3 results has been enhanced due to moderation in operation cost, forecasting a QoQ improvement in profitability and reducing risk of earnings downgrade.

Rupak De, senior technical analyst at LKP Securities: Nifty witnessed a positive session as the benchmark index closed with a gain at the end of the day. On the daily chart, the index has formed a piercing line pattern which suggests a bullish reversal. The trend and momentum remain positive for the short term. Over the short term, the index is likely to go towards 17500/17700. On the lower end, support is visible at 17100.

Sameet Chavan, chief analyst-technical and derivatives, Angel One Ltd: Unlike Friday, this time gains were here to stay, and hence, bulls seem to have made a strong statement by giving a smart rally on the first day of the new trading week. The global environment was not supportive at the start of the session, but it also improved as we moved forward. With reference to our previous commentary, we remained optimistic despite challenging global cues and were hopeful of the market making a comeback ahead of the festive season. Now with today’s rally, the base shifts higher towards 17100 – 17000 and Nifty confirms a close above 17300 in an indication of good times for our markets. For the coming session, we would see an index challenging the next resistance zone of 17350 – 17430 which we believe is likely to surpass in a day or two. Traders should now gear up for a move towards 17500 – 17700 and we will not be surprised to see higher levels in the near term as well. Hopefully, global markets do not play a spoilsport here, in fact, a small positivity from there would provide the impetus for a strong up-move in our markets. Traders are advised to continue with a positive bias and try to identify apt themes which are likely to emerge as the week progresses.

Delta Corp, Indiabulls Housing Finance, and India Cements stocks continue to be a part of the F&O ban list by the stock exchange for today. The NSE updates the list of securities in F&O ban for trade every day.

The securities have been put on ban under the F&O segment as they have crossed 95% of the market-wide position limit (MWPL), as per the NSE. 

Markets regulator Sebi has given its nod for the proposed initial public offerings of four companies -- BIBA Fashions Ltd, Keystone Realtors Ltd, Plaza Wires Ltd and Hemani Industries Ltd.

These companies have received their respective observation letters from Sebi, according to an update on the regulator's website as on October 14.

In Sebi's parlance, issuance of the observation letter implies the go-ahead from the regulator for the proposed IPO.

Ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, had filed the Draft Red Herring Prospectus (DRHP) for an IPO in April.

The proposed IPO comprises fresh issuance of equity shares worth ₹90 crore and an Offer For Sale (OFS) of 2.77 crore equity shares by the promoter and existing investors, as per the draft papers. (PTI)

The Reserve Bank of India’s (RBI) letter to the government, triggered by its failure to keep inflation within the target band, will likely blame supply-side issues for the runaway price rise, economists said.

Under Section 45ZA of the RBI Act, the government, in consultation with RBI, sets the medium-term retail inflation target once in five years. Failure to meet the current target of 2-6% for three consecutive quarters—January through to September in this case—requires RBI to write a letter to the government, explaining why it missed the goal. Retail inflation for September accelerated to 7.41%, staying above the 6% upper bound of the inflation target for three straight quarters. (Read More)