July 05, 2022 / 16:21 IST
Ajit Mishra, VP - Research, Religare Broking:
It was a roller-coaster ride for markets as the Nifty swung volatile in a broader range and finally settled around the day’s low. Initially, supportive Asian cues triggered a firm start which was further boosted by healthy buying in banking majors and a rebound in metals, energy and pharma pack.
However, the tone changed completely in the second half and the index surrendered all its gains. Eventually, the Nifty index ended in the red to settle at 15,810 levels. In line with the benchmark, the broader indices ended with a marginal cut in the end.
The sharp decline in the index can be attributed to the uncertain global markets and caution ahead of the earnings season. On the index front, the Nifty should hold decisively above 15,900 to inch towards 16,200 while a decline below 15,600 would again put the bears back in the game.
July 05, 2022 / 16:13 IST
Anindya Banerjee, VP, Currency Derivatives & Interest Rate Derivatives at Kotak Securities
USDINR spot closed at a fresh all time high at 79.37, up 42 paise on spot. A sharp sell-off in EURUSD due to recessionary fears triggered risk-off trend across global equities. A double whammy of weak equities and strong US Dollar Index caused Rupee to depreciate against the US Dollar.
Low forward premium and offshore derivatives quoting a premium over onshore are signs of unwinding of carry trade which is a major headwind for the Rupee. Over the near term, we expect USDINR to trade with an upward bias, within a range of 79.00-79.80 on spot.
July 05, 2022 / 15:58 IST
Vinod Nair, Head of Research at Geojit Financial Services:
Domestic market had started strong by extending its yesterday’s gains supported by strong macro numbers but global bourses opened weak impacting to close with marginal losses.
The current trend in the global market indicates that the uncertainties around recession and tightening monetary policy continues to haunt investors’ confidence. Dollar index opened sharply high affecting the performance of emerging currencies, depreciating INR.
July 05, 2022 / 15:49 IST
Rupak De, Senior Technical Analyst at LKP Securities:
Indian equities witnessed volatility as the Nifty failed to absorb selling pressure from the call writers leading to a close around the day's low.
Despite the selling, the Nifty held above the near-term moving averages. The trend is likely to remain positive as long as it sustains above 15800. On the higher end resistance is visible at 16000/16200.
July 05, 2022 / 15:34 IST
Market Close
Benchmark indices erased all the intraday gains to end in the red amid high volatility.
At close, the Sensex was down 100.42 points or 0.19% at 53,134.35, and the Nifty was down 24.50 points or 0.15% at 15,810.90. About 1671 shares have advanced, 1538 shares declined, and 150 shares are unchanged.
Power Grid Corporation, Shree Cements, Hindalco Industries, Apollo Hospitals and Bajaj Finserv were among the top Nifty gainers. ITC, Wipro, HDFC Life, Britannia Industries and Maruti Suzuki were among the losers on the index.
Power index gained 0.6 percent and metal index up 0.4 percent, while selling was seen in the realty, IT, auto and banking names.
The BSE midcap index shed 0.3 percent, while smallcap index up 0.2 percent.
