New Delhi, July 25 In the last two days, FPIs have sold stocks worth Rs 2,081 crore indicating buying exhaustion, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
FPI flows have slowed down. This is normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99. Even though Nifty is showing signs of resilience, it is unlikely to race to 20,000 level in the next few days, given the rising dollar and declining FPI inflows. Brent crude spiking to $82 will be another drag on the market, he said.
Globally markets will be keenly watching the US Federal Reserve commentary since a 25 bp hike in rate is already known and discounted by the market.
Q1 results due on Tuesday -- Tata Motors, Bajaj Auto -- and expected on Wednesday -- Axis Bank, Cipla, Dr Reddy’s, Bajaj Finance, Tech Mahindra -- will influence stock prices and market sentiments.
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