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Quote on Market  04 August 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets witnessed erratic swings throughout the weekly expiry day and finally settled on a flat note. The beginning was upbeat; thanks to firm global cues however the updates on lingering geopolitical tension between China-Taiwan led to nervousness and triggered a sharp dip.  The situation improved gradually as the day progressed, with noticeable traction in the IT, pharma, metal and FMCG pack. Finally, the Nifty index closed almost unchanged at 17,382 levels. Meanwhile, broader indices traded mixed wherein midcap gained over half a percent while smallcap slipped in the red.

Markets will be closely eyeing the outcome of MPC’s monetary policy meet on Friday. Before that, the performance of the global indices amid the fresh developments on China-Taiwan tension would dictate the trend in early trades. On the index front, the Nifty has been seeing consolidation on the expected lines however rise in the volatility is making life tough for the traders. We recommend preferring hedged positions and focusing on the defensive pack as well.

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