InvestorQ : What is your view on the stock markets for the 07th of September 2022?
prachi Patwardhan made post

What is your view on the stock markets for the 07th of September 2022?

diksha shah answered.
4 weeks ago

Tuesday was a flat close for the Nifty with the index closing just about 10 points lower after a rather volatile session of trading. Consumer stocks remained under pressure and these stocks were among the top losers on the Nifty. However, the trend of select PSU stocks gaining continued to be in the limelight with NTPC leading the way for the PSUs.

In terms of market structure, the advance decline ratio was unfavourable at 20:29 and the uncertainty over the US hawkishness during the September meeting of the FOMC continues to haunt the Indian markets. Markets are likely to remain rangebound in the absence of any specific cues in the market till macro data starts coming out next week.

FPIs were net buyers in equities to the tune of Rs1,145 crore while domestic funds bought stocks worth Rs.633 crore on Tuesday. FPI flows appear to be relatively tentative in September compared to August. On Tuesday, Dow was down 173 points and NASDAQ was down 86 points. Europe was flat to positive while SGX Nifty is trading 140 points lower.

In terms of outlook for Wednesday, the markets are likely to remain rangebound for now in the absence of any fresh cues. However, macros can enthuse the markets if a sharp fall in CPI and WPI inflation is visible in the coming week. For now, the weak currency continues to remain the major overhang for the Indian equity markets, around the 80/$ levels.