New Delhi, July 28 : Nifty remained under pressure throughout the session but witnessed some recovery in the last hour to close with a marginal loss of 14 points at 19646 level, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Sectorially, it was mixed with major buying seen in Realty (+1.8%).Power stocks were in the limelight on the back of attractive valuations and huge investments in the sector.
“Overall, we expect sectoral rotation in the market, while Index is likely to remain in the consolidation zone with the ongoing result season,” he said.
Market will keep an eye on the manufacturing data to be released next week both – globally as well as locally.
Also, the Bank of England will announce its rate decision next week on Thursday.
Auto sector will be in focus as companies would announce their monthly sales numbers, he said.
Vinod Nair, Head of Research at Geojit Financial Services said the better-than-expected US Q2 GDP data, though positive, hindered the mood of the domestic market as it signalled the chances of another rate hike.The Fed chief’s comments about a data-centric approach without ruling out rate hikes added to the uncertainty.
Furthermore, the reversal of the buying trend by FII and the rise in US bond yields contributed to market volatility, he added.
However, Asian markets remained largely positive due to the BOJ’s decision to retain the policy rate, contrary to speculation about the removal of stimulus measures.
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