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Quote on Market 20 July 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets extended gains for the third consecutive session, tracking favorable cues.  Firm global cues combined with news of the government cutting back windfall tax led to a gap-up start. The tone remained firm in the first half, thanks to the continued rebound in IT, metal and energy pack however profit taking in the latter half trimmed gains. Finally, the Nifty index settled at 16,520; up by 1.1%. Meanwhile, the broader indices underperformed and closed flat to marginally higher.

We may see some consolidation in the index after the recent surge however the bias would remain on the positive side till the Nifty upholds 16,250 levels. Most sectors are now contributing to the move on a rotational basis so the focus should be on stock selection. Needless to say, global cues and earnings would continue to trigger volatile swings in between.

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