Dear Trader…
The Nifty future slipped 0.13% to close at 25,093 on Tuesday. Markets opened higher but pared gains as caution prevailed amid weak global cues and uncertainty over the US-India trade deal. Reports indicated that the fifth round of talks ended without a breakthrough, dimming hopes of an interim trade deal. The US delegation is expected to visit India in mid-August to resume negotiations.
All sectoral indices ended in the red, led by Nifty Media (-2.3%) and PSU Banks (-1.6%). With no strong directional cues, the headline indices paused after recent gains, while sharp stock-specific moves dominated trade. On the macro front, India’s eight core industries grew by 1.7% in June, slightly higher than the 1.2% expansion in May.
Nifty futures opened at 25149 points against the previous close of 25127 and opened at a low of 25070 points. Nifty Future closed with an average movement of 130 points and a decline of around 33 points and 25093 points…!!
On the NSE, the midcap 100 index will decline 0.61% and smallcap 100 index is closing decline 0.34%. Speaking of various sectoral indices, Media, PSU Bank, Realty and Pharma stocks saw heavy selling on the NSE, while all other sectoral indices also closed lower.
At the start of intra-day trading, August gold opened at Rs.99300, fell from a high of Rs.99671 points to a low of Rs.99101 with a rise of 322 points, a trend of around Rs.99650 and September Silver opened at Rs.1,14,629, fell from a high of Rs.1,15,588 points to a low of Rs.1,14,251 with a rise of 334 points, a trend of around Rs.1,15,380.
Meanwhile, Investors now await commentary from Fed Chair Powell later tonight for clues on the US rate trajectory. On the earnings front, key results scheduled for Wednesday include Infosys, SRF, Tata Consumer, Persistent Systems, Oracle, and Coforge. Markets are likely to stay range-bound in the near term, with focus on ongoing corporate earnings.
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