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Quote on Market 19 July 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended gains and rose nearly half a percent amid mixed cues. Initially, weak global cues were weighing on the sentiment however surge in select index majors especially from the banking space gradually pushed the index higher. Consequently, the Nifty closed near day’s high at 16,340.5 levels, up by 0.4%. On the sector front, a mixed trend was seen wherein realty, auto and PSU banks were top gainers while IT, pharma and FMCG were the top losers. Meanwhile, the broader indices outperformed and ended higher in the range of 0.7-1.1%.

Markets are taking comfort from global indices and buoyancy in the banking pack, which holds considerable weight, further adding to the positivity. The recent bounce in laggards like IT and metal has further eased the pressure. We maintain our positive yet cautious stance and prefer sectors like auto, FMCG and banking for long opportunities.

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