Markets decline on Tuesday was mainly led by Non-financial sector with Pharma taking a lead role in decline while Bank Nifty restricted its losses to less than 0.5%. The Nifty managed to break its key support of 15760, thus breaking support line of rising wedge and markets are positioned to hit 15100 in the next few days. The down fall trigger for Nifty may come from breakdown in Nifty Non-Financial Index which has re-tested the reversal levels yesterday and any close below 0.5% would open wider cracks of more than 20% in broader markets. Today, markets are expected to open near flatling following mixed global cues. Results today- Maruti, Nestle, ABB
US markets fell from record highs while real US bond yields hit all-time lows, as a sell-off in Chinese shares, economic growth concerns and the Federal Reserve’s policy meeting made investors cautious. The Dow Jones Industrial Average ended down 0.2% at 35,059 points, and the S&P 500 shed 0.5% to end at 4,401 points. The Nasdaq Composite slid 1.2% to 14,660 points, its biggest one-day drop since May 12. Asian indices are trading mixed with stocks in Hong Kong paring some losses from a two-day rout.
Stocks to watch
Coforge Tech increases FY22 organic growth guidance in constant currency terms.
IMF lowers India’s FY22 growth forecast to 9.5%
Maruti expected to report a strong quarter on a YoY basis.
IndusInd Bank NIM at 8 quarter low, profit higher than estimates
Indigo- posts loss for 6th straight quarter, 2nd wave significantly impacted business
Bajaj Healthcare to consider stock split on August 13.
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