28 Jul , 2022 By : Monika Singh
Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic stock markets rallied on Wednesday, snapping their two-day losing streak. S&P BSE Sensex zoomed 547 points or 0.99% to settle at 55,816 while NSE Nifty 50 index jumped 157 points or 0.96% to end at 16,641. The up-move was charted just ahead of the US Federal Reserve meeting and the monthly futures & options expiry session. With the US FOMC decision out of the way, SGX Nifty was up comfortably in the green, suggesting a continuation of yesterday’s move, however, volatility on F&O expiry can not be ruled out. Global cues were also supportive after Wall Street indices rallied sharply on Wednesday.
The US Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday decided to hike interest rates by another 75 basis points. This was the second 75 bps hike undertaken by the FOMC for the second meeting straight as Jerome Powell and co. tackle inflation. Another hike has also not been ruled out by the Fed Chair while he brushed away claims on the US being in a recession. Experts believe FOMC’s move was discounted by markets already, however, the comments made by Powell have uplifted sentiments. “FED through its commentary has made markets believe that this interest rate upcycle may not last long contrary to what was estimated before. This may have positive implications for equities globally,”
Sensex rallied more than 500 points or 0.92% on the opening bell to hit 56,358 while NSE Nifty 50 jumped to 16,788. Bank Nifty was up 1%.
“The July rally in the domestic market which has taken the Nifty up around 1500 points from the June lows seems to be intact for the very short-term. IT stocks after the recent correction may rebound taking cues from the Nasdaq rally and the continuing strength of the US economy. Financials will continue to be resilient,”
Implied Volatility of Nifty ATM options for the current series is at 18.96% in contrast to 16.76% of last week, indicating Low-to-narrow movement on either side in the expiry session. Nifty Put options OI distribution shows that 16,500 has highest OI concentration followed by 16,300 & 16,400 which may act as support for current expiry and on the Call front 16,900 followed by 16,700 & 16,800 witnessed significant OI concentration and may act as resistance for current expiry.
0 Comment