Share Market Today: Sensex slips over 300 factors in early commerce, Nifty dips under 16,550-mark; IT, FMCG shares weigh
Market Today(26 July, 2022): The frontline fairness indices on the BSE and National Stock Exchange (NSE) opened marginally decrease however progressively slipped over 0.5 per cent within the early commerce on Tuesday weighed by IT, FMCG and banking shares.
At 9:41 am, the S&P BSE Sensex was down 316.21 factors (0.57 per cent) at 55,450.01 whereas the Nifty 50 was buying and selling at 16,535.25, down 95.75 factors (0.58 per cent).
On the Sensex pack, Dr. Reddy’s Laboratories, Nestle India, Infosys, HCL Technologies, Kotak Mahindra Bank, Larsen & Toubro (L&T), Tech Mahindra, Asian Paints, Tata Consultancy Services (TCS) and Axis Bank had been the highest laggards in early commerce. On the opposite hand, Bajaj Finserv, Tata Steel, ExtremelyTech Cement, Bajaj Finance, Reliance Industries (RIL) and Mahindra & Mahindra (M&M) had been the gainers.
“The dark cloud on the global economic horizon is the threat of an imminent US recession impacting global economic growth. Jury is still out on whether the US slips into a recession or not. But a global growth slowdown appears inevitable. Walmart’s profit warning issued yesterday is an indication of the difficult days ahead for corporate earnings. Europe is the weakest geographical space in the world and China is struggling. Even though the Indian economy is resilient now, global growth slowdown will impact India too. This means, from the fundamental perspective, there is a limit to market upside. The 1400-point rally in Nifty from its June lows has again stretched market valuations. Therefore, FIIs might again turn sellers to rallies,” stated V Ok Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global Markets (from Reuters)
Asian shares wobbled on Tuesday and bonds had been agency as a revenue warning from Walmart put consumption and firm earnings underneath a cloud forward of what’s prone to be one other sharp US rate of interest hike.
MSCI’s broadest gauge of Asia shares outdoors Japan meandered simply above flat. Japan’s Nikkei fell 0.2 per cent and S&P 500 futures had been down 0.4 per cent.
US retailer Walmart Inc reduce its revenue forecast on Monday and stated clients had been paring again discretionary purchases as inflation bites family budgets. Shares fell 10 per cent after hours and rivals Target and Amazon additionally slid.
Investors are additionally awaiting a probable 75 foundation level Federal Reserve rate of interest enhance later this week – with markets pricing a few 10 per cent danger of a bigger hike, in addition to ready to see whether or not financial warning indicators immediate a shift in rhetoric.
