Sensex Today | Stock Market LIVE Updates: Disappointing earnings from IT stocks, a sharp reaction to midcap and smallcap results, and the closing in on the August 1 tariff deadline have kept markets on the edge.
Sensex Today | Stock Market LIVE Updates: After four straight weekly losses, the Nifty is in a precarious position, with a lack of positive triggers hampering its move towards higher levels.
Disappointing earnings from IT stocks, a sharp reaction to midcap and smallcap results, and the closing in on the August 1 tariff deadline has kept markets on the edge. The TCS layoff announcement will again keep IT in the spotlight, with the index having declined 9% in the last three weeks. This is a major week on the global and domestic front.
The US will see the FOMC rate decision, its GDP data, non-farm payrolls for July, and megacap tech results this week, while India too will continue with its earnings season and report auto sales for July. The bulls worry that every recovery is getting sold into. The Nifty closed below its 50-DMA last week and that brings the June 24 swing low of 24,824 into play. The index made an intraday low of 24,802 on Friday.
While the Nifty Bank has been resilient, the broader markets have been major underperformers. IndusInd Bank, Mazagon Dock, and BEL are some major results today, while stocks like CDSL, Zen Technologies, Bank of Baroda, and Kotak Mahindra Bank react to results.
Watch this space for all the live updates.