There Was A Break On The Rise Of Six Days, Pressure On The Market Before The Federal Reserve Meeting

The brakes were put on the rise of six trading sessions in the market. Today the stock market opened with a fall on the first day of the week. The Sensex fell by 198 points at the level of 55874 and the Nifty opened at the level of 16662 with a fall of 57 points. However, Nifty Bank opened with a slight rise of 28 points at the 36766 level. The Sensex is seeing a fall of more than 200 points in the early trade. Today the rupee is seeing an increase in the early trade. The rupee is at 79.85 with a strength of 5 paise against the dollar.

Of the top 30 companies of the Sensex, 18 are trading with an increase and 12 with a fall. The shares of ICICI Bank, Kotak Mahindra Bank, Bajaj Finance, and Tata Steel are up. Reliance, Infosys, and UltraTech Cement shares declined. The banking index is showing strength. Today the results of companies like Axis Bank, Canara Bank, Tata Steel, Tech Mahindra, and Central Bank are going to come.

What was the result of Infosys?
Infosys, the country's second-largest software company, said on Sunday that its consolidated net profit grew 3.2 percent to Rs 5,360 crore in the first quarter of the current financial year. Its net profit was Rs 5195 crore in the same quarter a year ago. The company's revenue increased by 23.6 percent to Rs 34470 crore. It stood at Rs 27869 crore in the April-June 2021 quarter.

ICICI Bank buying advice
Private sector ICICI Bank's consolidated net profit increased 55.04 percent to Rs 7384.53 crore and income increased to Rs 28336 crore in the first quarter of the current financial year. The brokerage has given buy advice on this stock. Jefferies has given Buying advice on this stock and has kept the target price at Rs.1080. CLSA has set a target of Rs.1040. MS has set a target of 1040. CS has set a target of Rs 950.

I will keep an eye on the statement issued by the Fed
VK Vijay Kumar, Chief Investment Strategist, Geojit Financial Services said that the quarterly results of many big companies came last week, the effect of which is visible this week. Reliance did well in retail and telecom, but the oil business did not perform well in the market. On July 27, a decision on the interest rate will be taken by the Federal Reserve. An increase of 75 basis points will not have a major impact on the market. However, the market sentiment will be affected by the statement issued regarding inflation and growth in the short term. FIIs have started buying in the market. This is good news.