InvestorQ : What is your quick view on the stock markets for Wednesday 29th June 2022?
Dhwani Mehta made post

What is your quick view on the stock markets for Wednesday 29th June 2022?

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diksha shah answered.
2 months ago
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The stock markets closed in the positive on Tuesday, but that was largely driven by higher prices of crude oil, leading ONGC to become the top gainer for the day. For the day, Coal India was also among the major gainers. The A/D ratio at 32:17 was relatively favourable indicating a strong underlying trend in the market.

While the rupee weakness continued to be the underlying theme, the rally in auto stocks continued amidst falling input costs and improving rural demand scenario. However, the consumer stocks like Titan and Asian Paints were among the top losers. Consumer stocks have been under pressure due to demand concerns amid recession fears.

FPIs net sold equities worth Rs1,244 crore while domestic funds bought stocks worth Rs.1,206 crore on Tuesday. FPI selling has already scaled $6.29 billion till date in the month of June. In global markets, Dow cracked by 491 points and the NASDAQ by 343 points. Nikkei and KOSPI are in the red today in first half trades.

In the current market conditions, the biggest headwind to be wary of is the rupee value. On Tuesday rupee fell sharply to 78.85/$ and looks set to weaken further. RBI support is limited due to heavy FPI outflows even as oil companies are putting pressure by demanding dollars to hedge their currency risk. There is a lot of risk-off flows in India.

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