Stock Market Today: Markets opened choppy amid unsupportive global cues on Monday morning. At 09:16 IST, the Sensex was down 118.64 points or 0.21 per cent at 55953.59, and the Nifty was down 29.60 points or 0.18 per cent at 16689.90.
Reliance led Sensex losses, dropping 2.5 per cent. Tech M, Infosys, Ultratech Cement, Kotak Bank and TCS were the other top laggards, while ICICI Bank, Bajaj Finance, and Tata Steel were the top winners.
The broader markets, meanwhile, opened in green. The BSE MidCap and SmallCap indices were up to 0.11 per cent higher.
Dr V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “Market action this week will be in response to the results declared after market closure last Friday and in anticipation of the major results expected this week. RIL’s results, though impressive on the telecom and retail front, fell slightly below expectations in the refining space. ICICI Bank’s results are the best in the banking segment. The steller Q1 numbers, increasing credit growth and improving asset quality augur well for the ICICI Bank stock. Infosys’s numbers reflect the industry concerns of pressure on margins but Infy’s higher revenue growth guidance of 14-16 per cent indicate the management’s confidence regarding the business prospects.”
“The Fed’s rate announcement on July 27 is not likely to impact the market much since a 75 bp rate hike is already known and discounted by the market. The market will be keenly watching the Fed commentary for near-term triggers.
FII selling, which has been a major drag on the market since October 2021, is unlikely to impact the market in the near term since FIIs have turned buyers recently. As expected, financials have benefited from the recent change in FII investment strategy,” Vijayakumar added.
Global Cues
US stocks ended lower on Friday as disappointing earnings from Snap spooked investors and shares in social media and ad tech firms dropped, offsetting gains from card issuer American Express following an upbeat forecast.
Tokyo stocks opened lower Monday tracking losses on Wall Street, with investors disheartened by a key monthly survey on economic activity that fuelled concern over a global slowdown. The benchmark Nikkei 225 index slipped 0.62 per cent, or 173.32 points, to 27,741.34 in early trade, while the broader Topix index fell 0.42 per cent, or 8.29 points, to 1,947.68.
Asian stocks lost ground on Monday, retreating from over three-week highs as worries about a global economic downturn sapped investors’ risk appetite. MSCI’s broadest index of Asia-Pacific shares lost 0.62 per cent to 158.68, after touching the highest since June 29 at 160.03 on Friday.
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