InvestorQ : What is your view on the stock market movement for Tuesday 26th July 2022? Do you expect a bounce in the markets today?
Dilmini Mercia made post

What is your view on the stock market movement for Tuesday 26th July 2022? Do you expect a bounce in the markets today?

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diksha shah answered.
2 weeks ago
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On Monday, the Nifty closed at 16,631 losing -88.45 points with pressure coming principally from Reliance Industries, ONGC and the auto stocks. The breadth of market as measured by the A/D ratio was unfavourable at 18:31. Over the weekend, Reliance reported lower than estimated profit growth while in the case of ONGC it was about the sharp fall in crude price.

Overall metals were among the key gainers despite the fact that Tata Steel saw fall in profits in the qurater. It is just that the fall was lower than expected. Big gainers were Tata Steel, IndusInd Bank, Coal India, Hindalco and Apollo Hospitals. Pressure was seen in oil and autos as the big losses came from Reliance Industries, M&M, Maruti, Eicher Motors and ONGC.

FPIs net sold Rs.845 crore as domestic funds also sold stocks worth Rs.72 crore on Monday. After turning net buyers in July, the selling appears to be building up once again. IN terms of global markets, Dow was up 90 points while NASDAQ was down 52 points ahead of FOMC meet SGX Nifty is trading absolutely flat in early trades on Tuesday.

In terms of market view, all eyes will be predicated on the FOMC meeting outcome, late on Wednesday as it would have a strong impact on the dollar index and also the rupee value. Indian markets should be pleased with crude around the current levels of $100/bbl as it would given them the much needed breathing room for restraining the twin deficits.

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