INSUBCONTINENT EXCLUSIVE:
Indian equity benchmark indices opened flat on Thursday, tracking muted sentiment in Asian markets as uncertainty over the future of US
Federal Reserve Chair Jerome Powell kept investors on edge.At 9:19 am, the BSE Sensex was up 33 points, or 0.04%, at 82,668, while the
included Trent, M&M, BEL, Sun Pharma, SBI, Bharti Airtel, and Titan
On the other hand, Tech Mahindra, ICICI Bank, Adani Ports, and Axis Bank opened in the red.Shares of M&M and SBI were rising nearly 1% each
in the early trade.
Live EventsTech Mahindra was the top laggard, falling over 1% after the company posted lower-than-expected Q1 revenue
Realty, and Consumer Durables rose between 0.2% and 1%, while Nifty Financial Services, IT, and Private Bank indices opened lower.Meanwhile,
Axis Bank, Wipro and Jio Financial Services are scheduled to detail their earnings on the day.Experts View"There are no triggers for the
market to break out of the consolidation range in which it has been stuck for two months now
Even an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range
One positive and surprise factor that can trigger a rally is a tariff rate much below 20%, say 15%, which the market has not discounted
So, watch out for developments on the trade and tariff front," said Dr
VK Vijayakumar, Chief Investment Strategist, Geojit."Results of the IT sector continue to disappoint and, therefore, this can remain a drag
Leading private sector banks are in a defensive mode now
The market is discounting NIM compression in the Q1 results
But this will reverse from Q3 onwards making them good buys now
From the valuation perspective PSU banks are attractive," Vijayakumar added.Mandar Bhojane, Senior Technical & Derivative Analyst at Choice
Broking, said, "The index witnessed a bullish follow-up candle after forming a Morning Star pattern at key support yesterday
This indicates strengthening momentum
For sustained upward movement, Nifty must hold above 25,330
earnings from heavyweight technology companies and as market anxiety lingered over the uncertain tenure of Federal Reserve chief Jerome
Powell.MSCI's broadest index of Asia-Pacific shares outside Japan was up just 0.06% and the Nikkei slipped 0.24%.European futures jumped as
EUROSTOXX 50 futures rose 0.56% and FTSE and DAX futures added about 0.4% each
Nasdaq futures and S&P 500 futures fell 0.1% each.FII/DII TrackerForeign Institutional Investors (FIIs) continued to reduce exposure,
selling equities worth Rs 1,858 crore on July 16
In contrast, Domestic Institutional Investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore,
lending crucial support to the market amid global uncertainties.Crude OilOil prices rose in early trade on Thursday, reversing the previous
crude futures rose 27 cents, or 0.39%, to $68.79 a barrel at 0000 GMT
West Texas Intermediate crude futures were up 31 cents, or 0.47%, at $66.69
Both benchmarks fell more than 0.2% in the previous session.(With inputs from agencies)
