Indian Equity Markets Steady Ahead of Federal Reserve's Policy Decision
Dear Trader…
Gains from auto, financial, and metal stocks were offset by the losses in banking, FMCG and IT stocks. The S&P BSE Sensex dropped 29 points or 0.04% to settle at 66,356, while Nifty Future dropped 02 points or 0.01% to end at 19,691. Seven of the 13 major sectoral indices logged gains, with the metal index rising 2.94% and the auto index adding 0.95 per cent.
From the Sensex pack, Asian Paints closed 4% lower after Q1 results. Meanwhile, ITC, L&T, SBI, IndusInd Bank, Kotak Bank, Wipro, and Axis Bank also ended in the red. Whereas, JSW Steel and Tata Steel were the top gainers, rising over 3 per cent each. NTPC, UltraTech Cement, Tata Motors, and Titan also closed higher.
The market capitalisation of all listed companies on BSE increased by Rs 67,727 crore to Rs 302.65 lakh crore. The market breadth was skewed in the favour of the bears. About 1,809 stocks declined, 1,731 gained, and 139 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net purchase of Rs. 1088.76 crore in the cash segment. A total of Rs. 9383.08 crore was sold against a total purchase of Rs. 10471.84 crore. Domestic institutional investors saw net sold of Rs. 333.70 crore in the cash segment. A total of Rs. 8127.38 crore was sold against a total purchase of Rs. 7793.68 crore.
Meanwhile, Indian indices hovered along the flat line, waiting ahead for the crucial decision of Fed policy. Metal stocks rose due to China's commitment to provide policy support to its realty sector, while utilities were up in anticipation of demand & improvement in operating margin. The recent correction of the domestic market can be attributed to several factors, including muted start to Q1 results, a reversal in FII activity, a rising dollar index, and an increase in crude oil prices.
Technically, the important key resistances placed in July Nifty future are at 19691 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 19737 - 19808 levels. Immediate support is placed at 19606 - 19570 levels.
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