Market Quote : Markets inched lower and lost nearly a percent amid mixed cues Says Mr. Ajit Mishra, Religare Broking Ltd
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Quote on Market 26 July 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets inched lower and lost nearly a percent amid mixed cues. Participants were in the profit taking mood from the beginning which resulted in a gradual decline in the index. Apart from the mixed earnings, caution ahead of the US Fed meet and GDP data was also weighing on the sentiment. Consequently, the Nifty index ended with losses of 0.9% to close at 16,483. Amongst the sectors, except FMCG which ended flat, all the other indices witnessed selling pressure wherein IT, Capital Goods and Consumer Durables were the top losers. The broader indices too lost over a percent each.
We expect volatility to remain high in the following sessions due to scheduled derivatives expiry and upcoming global events. As we are seeing profit taking across the board, the focus should be on identifying quality stocks and accumulating them on dips.
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