stock market today Frontline indices extended their fall for the fourth day as global sentiment remained cautious amid 40-year high inflation in the US. Market watchers now expect the US Fed to hike rates by 100 basis points at its July meeting. Even as Brent crude prices fell to a three-month low, sentiment did not improve. The Sensex was down 98 points or 0.18 per cent at 53,416.15 at the close. nifty It had closed at 15,938.70, down 28 points or 0.18 per cent.
top gainers and losers
ONGC, Sun Pharma, Kotak Mahindra Bank, Dr Reddy’s Labs and Maruti Suzuki were the top gainers on the Nifty, while losers included Hero MotoCorp, Axis Bank, HCL Technologies, Tech Mahindra and SBI.
On the regional front, information technology and PSU Bank indices fell 1-2 per cent, while Oil & Gas and Power indices rose 1-1.6 per cent.
BSE Midcap and Smallcap indices closed in the red.
Among stocks, Tata Metaliks reported a 99 per cent fall in its net profit. Its margins have come down to 3.5 per cent from 25 per cent a year ago.
Sanofic India increased by more than 4 percent. The company will consider the special dividend on July 26.
Investors will be closely watching the macro data – wholesale inflation data for the month of June. That said, corporate earnings for the June quarter (Q1FY23) of 2022 will continue to determine investor sentiments. ACC, L&T Infotech, and Tata Elxsi will report Q1 numbers on Thursday, July 14.
Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “Even though the eagerly awaited US CPI inflation data for June came in at 9.1 per cent against expectations of 8.8 per cent, US markets fell marginally, down less than 1%. It is important to note that core inflation in the US (inflation minus food and energy) is declining and, therefore, going forward, CPI inflation will also decline as crude prices have corrected sharply. Higher than expected US inflation means the Fed will continue its aggressive tightening in the near term with another 75bp hike in July, perhaps even up to 100bp. But long-term bond yields in the US indicate a possible rate cut by March 2023. In short, This 9.1 percent inflation print is likely to be peak inflation.”
“FII has used the July rally after what appeared to be selling exhaustion in early July and suppressed huge sell-offs (yesterday Rs.2840 cr). This renewed FII sell-off may strengthen the bears, but DII and retail investors are likely to be strong buyers on every downtrend as India’s economic fundamentals remain strong and more importantly, the valuations remain strong, especially in those segments/stocks. are attractive in where FIIs are selling,” Vijayakumar said.
global signal
Asian stocks struggled on Thursday and the safe-haven dollar was stronger as white-hot US inflation data feared that the Federal Reserve would raise interest rates even more aggressively to slow price growth, potentially pushing the economy into recession. will send
Tokyo shares opened lower on Thursday after a slight loss on Wall Street, even as fresh data showed inflation in the United States remained high. The benchmark Nikkei 225 index fell 0.58 per cent, or 152.95 points, to 26,325.82, while the broader Topix index fell 0.69 per cent, or 13.11 points, to 1,875.74.
Wall Street shares fell on Wednesday after the latest report that rising inflation added to fears of a recession, sparking debate over the next steps by the Federal Reserve to control prices. US inflation rose to a new peak of 9.1 percent in June, driven in part by a significant increase in gasoline prices.
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