Daily Markets - July 29, 2020 - Mr. Deepak Jasani, Head Retail Research, HDFC Securities

Indian equity benchmark indices reversed most of Tuesday's gains on July 29, pulled lower by heavyweight Reliance Industries. The Nifty ended down 98 points or 0.9% at 11,203.

Volumes on the NSE were above recent average with Auto and IT indices leading the fall and Pharma rising the most.

Asian shares were mixed Wednesday as reports of dismal company earnings add to pessimism over the widespread economic fallout from the coronavirus pandemic. Tokyo's Nikkei 225 index lost 1% after Fitch Ratings downgraded its outlook for Japan to "negative" from "stable."

The Federal Reserve began a two-day meeting on interest rates Tuesday, with an announcement scheduled for Wednesday.

European shares edged up slightly on Wednesday after mixed earnings reports, but a resurgence of COVID-19 cases kept investors cautious while they waited to hear from the U.S. Federal Reserve.

Indian markets continue to give mixed signs with alternate days of gain and loss. The indecision period could soon end with a lot of macro data (including US Fed decision) expected soon.

Source : Equity Bulls

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