Pre Market - Snapshot - 28/07/2021




US stocks declined on Tuesday as investors digested Q2 earnings. The Chinese clamp down on tech names, earnings anxiety on US IT heavyweights also had its impact on Nasdaq 100 which lost the most in two months.Dow saw a cut of close to 0.24%, S&P lost 0.47% , Nasdaq gave back 1.21%. Small cap Russell 2000 also lost 1.13%. 


US 10 year declined to 1.23% ahead of FOMC meet, dollar index closed below 92.50, Cboe Vix moved higher above 19. 


Crude futures also traded flat, taking Brent below 75, WTI below 72. 


Asian stocks continued to trade mixed, Hang Sang saw two back to back cuts in excess of 1000 points or more than 4.5% losses, a fall largely lead by Chinese government action on tech names. 


Indian stocks fell for the second day on weak Asian cues. Pharma sector saw biggest cuts on earnings disappointment from heavyweights like Dr. Reddy. Apl Ltd also missed the estimates on US pricing pressure and suspended the future guidance. There were other results disappointments from the likes of Axis bank that casted its shadow on banking names. Small and mid cap stocks traded mixed with pockets of outperformance. 


 *Factors like FOMC meet outcome post markets, tomorrow's derivative expiry, Asian cues may dominate trade for the day.

The fear of heights near 15900 on multiple attempts is not allowing Nifty to break above the consolidation zone. Markets may need a strong trigger for Nifty to take out the multiple top levels near 15900. Meanwhile continue to focus on individual names on rotational basis and any sectoral sell-off of the kind we saw yesterday (like pharma sector) will provide good opportunities for investors build medium term positions.*



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