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Market Watch (ETMarkets.com)
Nifty expected to consolidate in near term
Nikhil Agarwal | 02:06 Min | July 13, 2022, 5:43 PM IST
The 30-share pack Sensex failed to hold opening gains and settled 373 points lower at 53,514. Its broader peer, Nifty50, declined 91 points and gave up the 16,000 mark.
Transcript
Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.
In yet another day of disappointment, Indian shares extended their losing run to the 3rd straight session on Wednesday. The market remained hit by recession worries, earnings and rupee jitters.
The 30-share pack Sensex failed to hold opening gains and settled 373 points lower at 53,514. Its broader peer, Nifty50, declined 91 points and gave up the 16,000 mark.
From the 30-share pack, IndusInd Bank was the top loser even as the lender clarified on the ED investigation. The stock cracked 3 per cent. HDFC, Bharti Airtel, HDFC Bank, TCS, and HCL Tech also settled 1-2 per lower. Bucking the trend, HUL, Asian Paints, Sun Pharma, Kotak Mahindra, NTPC and Nestle advanced by over 1-2 per cent.
Buying was seen in pharma counters, with the Nifty Pharma index settling 1.38 per cent high, led by gains in Aurobindo Pharma, Laurus Labs, Divi's and Lupin of 2-4 per cent. Metal and FMCG index also settled in the black while Nifty Bank, Auto, and IT ended in the red.
Global markets were in a bear grip ahead of the release of the US inflation data, which is expected to touch fresh highs of 8.8 per cent owing to a surge in gasoline and food costs, Nair added.
Investors globally now await key US inflation data that is expected to touch a fresh four-decade high.
Broader markets outperformed benchmarks as mid and smallcap indices finished on a positive note, with Nifty midcap and smallcap adding 0.16 per cent and 0.22 per cent, respectively.
Mr Sahaj Agrawal of Kotak Securities said Nifty is expected to consolidate in the near term as there are contradictory signals across time frames.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
In yet another day of disappointment, Indian shares extended their losing run to the 3rd straight session on Wednesday. The market remained hit by recession worries, earnings and rupee jitters.
The 30-share pack Sensex failed to hold opening gains and settled 373 points lower at 53,514. Its broader peer, Nifty50, declined 91 points and gave up the 16,000 mark.
From the 30-share pack, IndusInd Bank was the top loser even as the lender clarified on the ED investigation. The stock cracked 3 per cent. HDFC, Bharti Airtel, HDFC Bank, TCS, and HCL Tech also settled 1-2 per lower. Bucking the trend, HUL, Asian Paints, Sun Pharma, Kotak Mahindra, NTPC and Nestle advanced by over 1-2 per cent.
Buying was seen in pharma counters, with the Nifty Pharma index settling 1.38 per cent high, led by gains in Aurobindo Pharma, Laurus Labs, Divi's and Lupin of 2-4 per cent. Metal and FMCG index also settled in the black while Nifty Bank, Auto, and IT ended in the red.
Global markets were in a bear grip ahead of the release of the US inflation data, which is expected to touch fresh highs of 8.8 per cent owing to a surge in gasoline and food costs, Nair added.
Investors globally now await key US inflation data that is expected to touch a fresh four-decade high.
Broader markets outperformed benchmarks as mid and smallcap indices finished on a positive note, with Nifty midcap and smallcap adding 0.16 per cent and 0.22 per cent, respectively.
Mr Sahaj Agrawal of Kotak Securities said Nifty is expected to consolidate in the near term as there are contradictory signals across time frames.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
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