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Nifty may offer little upside in near term
02:12 Min | August 04, 2022, 7:21 PM IST
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Transcript
Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.
Domestic equity markets ended the volatile session on a negative note on Thursday amid profit booking around key resistance levels and ahead of the central bank's policy meeting outcome tomorrow.
The markets remained volatile amid geopolitical tensions between the US and China. Asian markets were also cautious, following the recent gains, as China's largest-ever military exercises encircling Taiwan kicked off earlier in the day. It is seen as a show of force straddling vital international shipping lanes after a visit to the island by US House Speaker Nancy Pelosi.
BSE Sensex ended 51.73 points lower at 58,298.80. Its NSE counterpart, Nifty50, ended 6 points lower to close at Rs 17,382.
Among the gainers, Sun Pharma, Nestle India and Infosys surged over 2 per cent each, followed by Dr Reddy’s, Wipro, M&M and Tata Steel.
Shares of Redington India rallied as much as 9 per cent during the early trade on Thursday after the company reported a strong performance in the June quarter.
NTPC was the top loser on the Sensex pack and settled 3 per cent lower. SBI, Reliance, Axis Bank and Power Grid also settled 1 per cent lower.
Shares of realty firm Macrotech Developers on Thursday dropped as much as 8.6 per cent after block deals.
Sectorally, pharma, IT, Metals and Consumer Durables were top gainers, while PSU Bank, Realty, Financial Services were top laggards.
Mr Siddhartha Khemka of Motilal Oswal Financial Services said Nifty now trades at 20x FY23 PE, which is above its 10-year average, thus offering limited upside in the near term.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
Domestic equity markets ended the volatile session on a negative note on Thursday amid profit booking around key resistance levels and ahead of the central bank's policy meeting outcome tomorrow.
The markets remained volatile amid geopolitical tensions between the US and China. Asian markets were also cautious, following the recent gains, as China's largest-ever military exercises encircling Taiwan kicked off earlier in the day. It is seen as a show of force straddling vital international shipping lanes after a visit to the island by US House Speaker Nancy Pelosi.
BSE Sensex ended 51.73 points lower at 58,298.80. Its NSE counterpart, Nifty50, ended 6 points lower to close at Rs 17,382.
Among the gainers, Sun Pharma, Nestle India and Infosys surged over 2 per cent each, followed by Dr Reddy’s, Wipro, M&M and Tata Steel.
Shares of Redington India rallied as much as 9 per cent during the early trade on Thursday after the company reported a strong performance in the June quarter.
NTPC was the top loser on the Sensex pack and settled 3 per cent lower. SBI, Reliance, Axis Bank and Power Grid also settled 1 per cent lower.
Shares of realty firm Macrotech Developers on Thursday dropped as much as 8.6 per cent after block deals.
Sectorally, pharma, IT, Metals and Consumer Durables were top gainers, while PSU Bank, Realty, Financial Services were top laggards.
Mr Siddhartha Khemka of Motilal Oswal Financial Services said Nifty now trades at 20x FY23 PE, which is above its 10-year average, thus offering limited upside in the near term.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
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