Markets in volatile trade amid mixed global cues; Metals, IT rise while banking, auto under pressure

3 Aug 2022 , 09:36 AM

Indian markets were green, however, a cautious note was witnessed as traders prepare for RBI’s monetary policy on Friday. Both benchmarks Sensex and Nifty 50 traded flat led by mixed global cues. A scattered trend was seen in global cues with Asian stocks trading mixed and shrugging off rallies of Wall Street. A volatile session is expected in the day ahead.

Furthermore, investors focus has also shifted on RBI who will begin their three-day monetary policy meet from today onward for deciding key rates. The final print of the monetary policy will be presented on August 06.

At around 09.34 AM, Sensex was trading at 58,228.50 up 92.14 points or 0.16%. Meanwhile, Nifty 50 performed at 17,358.80 up by 13.35 points or 0.08%.

In terms of sectoral indices, on NSE, Auto, banking, financials logged a bearish tone, followed by consumer durables stocks. The remaining all other sectoral indices were in the green.

Top bulls on Nifty are – Cipla and Eicher Motors soaring 1.2% followed by JSW Steel surging 1%, while Power Grid and Hindustan Unilever jumped nearly 1% each. 

Top bears on Nifty were – Kotak Bank plunging 1.1% followed by Coal India and Tata Motors tumbling 0.8% each, while M&M and Titan slipping by 0.5% each.

Companies that will be in focus today ahead of their June 2022 quarters are – Lupin, Adani Power, InterGlobe Aviation, Vodafone Idea, Godrej Consumer Products, Aditya Birla Capital, Adani Transmission, Adani Wilmar, BASF India, Birlasoft, Chambal Fertilisers, Devyani International, Firstsource Solutions, Gujarat Gas, Inox Leisure, KEC International, Paras Defence and Space Technologies, PI Industries, Sandhar Technologies, Satin Creditcare Network, Speciality Restaurants, Tata Coffee, and Zuari Agro Chemicals.

RBI’s monetary policy will play a major role in the markets outlook this week. As per the experts, Repo rate hike is on the cards after Fed’s aggressive push only because of high inflation numbers.

On Asian markets, Japanese ‘Nikkei’ trading in the green up 100 points in early trade after the sell off yesterday ahead of the Taiwan/China tensions. Most other markets will trade sideways even as markets await no further escalation of the recent visit by US Congresswoman to Taiwan.

On Wall Street, overnight, US markets logged profit booking as Dow Jones falls over 400 points while Nasdaq surprisingly holds ground to close lower by 20 points.