Kotak Mahindra Bank dampened the sentiment on the D-Street. Nifty ended at 19,672, down 73 points. Furthermore, markets have turned anxious ahead of the FOMC meeting scheduled on July 25-26 that shall offer a clue of the likely policy move, which the US Fed would resort to going forward.Here's how analysts read the market pulse: “Volatility has re-emerged as initial Q1 results are below the expectations.
Sector wise setbacks were experienced in IT and FMCG, unveiling weak demand and high input costs. Banks are mixed while Pharma stocks are withholding the volatility in anticipation of a better demand from developed economies, reduction in US pricing issues and expansion in operating margins,” Vinod Nair, Head of Research at Geojit Financial Services, said. “The short term trend of Nifty remains weak and the present weakness with volatility is expected towards the important support of 19500-19400 levels before showing an upside bounce from the lows.
Immediate resistance is placed at 19780 levels,” Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said. That said, here’s a look at what some key indicators are suggesting for Tuesday’s action:US marketWall Street's main indexes climbed on Monday as investors braced for earnings from megacap growth and technology companies, while focusing on an interest rate decision from the Federal Reserve. All eyes will be on the quarterly reports of Microsoft, Google-owner Alphabet and Meta Platforms this week, as market participants will be keen to know whether their earnings justify sky-high valuations.
Read more on economictimes.indiatimes.com