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Markets retreat further as pharma stocks take knock; traders eye US FOMC meet

04:01 PM Jul 27, 2021 | FPJ Web Desk

Equity benchmark Sensex tumbled over 273 points on Tuesday, tracking losses in index majors Reliance Industries, Dr Reddy’s and Axis Bank amid a massive selloff in Chinese markets. Despite opening on a positive note, the 30-share BSE index turned red to end 273.51 points or 0.52 percent lower at 52,578.76, while the broader NSE Nifty fell 78 points or 0.49 per cent to 15,746.45.

The Nifty made a bearish bar today. After making a high of 15,881, it made a low of 15,701 and closed at 15,744. "Longs need to be cautioned. Any break below 15,580 will trigger Nifty to reach 15,500 and 15,400 levels. Nifty has a strong resistance in 15,880 – 15,920 range. Any bounce towards it should be used to book profits. Fresh longs to be considered only above 16,000 on closing basis," said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

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Global stock markets declined on Tuesday as investors looked ahead to a Federal Reserve report for an update on when US stimulus might start winding down. London and Frankfurt opened lower while Shanghai and Hong Kong declined. Tokyo advanced. Investors awaited the Fed report Wednesday for signs of the central bank's level of concern about inflation and when it might start rolling back easy credit and other economic stimulus. Minutes of the Fed meeting in June showed board members discussed how and when they might reduce monthly bond purchases that inject money into the financial system.

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