How do you see the market view for 23 July? Will Zomato listing have an impact on the market on?

On Thursday, the market appeared to reverse the pain of the last few days. IN fact, the last 3 days were quickly forgotten as the Nifty rallied by a whopping 192 points to close at 15,825. With just one day to go for the week, one could see large trading positions built up in metals, financials and even IT stocks. The sentiments look positive.

If you look at the specific indices on 22 July, then the large cap, mid cap and the small cap indices were in the green but more importantly the VIX plunged to below the 12 mark. This is positive and gives hope that the worst may be over for the markets. The big stars on Thursday were Bharti and even the Adani group stocks gained on Thursday.

Foreign investors were net sellers of Rs.248 crore on 22 Jul but the real big story was the huge overall volumes of Rs.17,000 crore by the FPIs. This implied a lot of block deal action. Domestic institutions bought Rs.943 crore in the equities market. Considering that FPIs were still net sellers, the market still looks to be quite tentative in terms of immediate triggers.

It was a flat day in the US and Europe and the SGX Nifty is absolutely flat to negative in early trades and is giving indications of consolidation at these levels. However, the big story to watch will be Zomato which has been priced at the upper band of Rs.76. There is likely to be selling by HNIs, but QIB appetite is huge so any correction will be met with buying.