#Nifty a head
The Indian Markets closed the week on a flat note. IT and pharma sectors ended in the red while the realty and auto stocks gained. Weak global cues amid fear of an aggressive Fed rate hike, robust economic (GDP) growth, and Reliance Industries' annual general meeting were the key highlights of the week.
Better Q2 GDP growth in comparison to the global peers have held the Indian markets above its 50EMA. Although, the Q2 GDP growth of 13.5% was against the market forecast of 15.2%. Rising commodity prices have widened the India's fiscal deficit to INR 3408.3 billion in the April-July 2022 period from INR 274.2 billion a year earlier. The only positive data previous week was the net tax receipts that rose 15% year-on-year to INR 7859 billion as tax collections grew while total expenditure was 12.2% higher at INR 11267 billion.
Markets a Head
*In absence of the domestic cues, markets will continue to react on the global developments.
*Investors will be also watching closely the situation in the energy market in Europe after Russia’s Gazprom said in a last-minute statement late on Friday that its key Nord Stream gas pipeline to Europe won’t reopen as planned.
Technically, market to remain sideways to negative and will be abrorbing the macro data with critical support placed at 17180 followed by 17000 on the upside 17539/17640 to act as strong resistance
Better Q2 GDP growth in comparison to the global peers have held the Indian markets above its 50EMA. Although, the Q2 GDP growth of 13.5% was against the market forecast of 15.2%. Rising commodity prices have widened the India's fiscal deficit to INR 3408.3 billion in the April-July 2022 period from INR 274.2 billion a year earlier. The only positive data previous week was the net tax receipts that rose 15% year-on-year to INR 7859 billion as tax collections grew while total expenditure was 12.2% higher at INR 11267 billion.
Markets a Head
*In absence of the domestic cues, markets will continue to react on the global developments.
*Investors will be also watching closely the situation in the energy market in Europe after Russia’s Gazprom said in a last-minute statement late on Friday that its key Nord Stream gas pipeline to Europe won’t reopen as planned.
Technically, market to remain sideways to negative and will be abrorbing the macro data with critical support placed at 17180 followed by 17000 on the upside 17539/17640 to act as strong resistance
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