Strong corporate earnings drive markets higher
Sensexand Nifty closed 0.51% each at 55,681 points and 16,605 points respectively on July 21.
- Fall in
crude oilprices and slowdown in FII selloff in the month of July has supported these gains.
- However, amid poor macroeconomic concerns and falling
rupee, experts believe markets will stay volatile despite some gains.
AdvertisementAfter opening on a tepid note, Indian markets have closed higher thanks to strong
IndusInd Bank was the top gainer on Nifty 50 which went up 8% after its net profit jumped over 60% to ₹1,631 crore in the June quarter.
Markets have closed higher even as poor macroeconomic concerns still persist along with a falling rupee, which hit another new low today. Experts believe markets will stay volatile despite some gains.
“Nifty has conquered a critical medium term level and is expected to witness increased volatility going ahead. Infra, banking and FMCG trade with a positive bias. Selective participation expected in the midcap space,” said Sahaj Agrawal, head of research- derivatives at Kotak Securities.
The rupee depreciated around 8% in 2022 and has been hitting new lows against the US dollar. “Some experts believe there is more pain left and they are predicting that the INR could touch the 82-83 mark against the USD,” said analysts at Ventura Securities.
Meanwhile, the weak rupee is adversely affecting several sectors of the economy. Strong US dollar and the likelihood of further hike in interest rates by major central banks have led to fall in
“We expect gold to trade lower towards 49,790 levels, a break of which could prompt the price to move lower to 49,370 levels,” said Saish Sandeep Sawant Dessai, research associate- base metals at Angel One.
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