Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty failed to capitalise on intra day recovery on July 12 after a gap down opening and ended in the negative for the second consecutive session. At close, Nifty was down 0.97% or 157.7 points at 16058.3.
Among sectors, Power and Telecom were the main gainers while Metals, Auto, IT and FMCG were the main losers. While the advance decline ratio was in the negative, the BSE Midcap and Smallcap indices fell less than the Nifty.
Asian stock markets are trading mostly lower on Tuesday, following the broadly negative cues from global markets overnight. European stocks traded lower on Tuesday as investors watch closely as the euro hovers close to parity with the dollar, fret about a worsening energy crisis and gear up for the latest U.S. inflation reading on Wednesday. China's tech stocks unwound recent gains to enter a technical correction on Tuesday, with analysts questioning if fresh probes on internet giants would spark another downturn in the sector.
The Indian government will release the retail inflation figure for June at 5.30 this evening. The headline retail inflation rate is expected to be 7 percent in June, largely unchanged from 7.04 percent in May. The statistics ministry will today release industrial production data for May, also at 5:30 in the evening.
Nifty is in the process of correcting the latest upmove from the lows of 15511. Nifty could take support at 16011-16026 band while 16115-16158 band could offer resistance in the near term.