Nifty Opens Steady; L&T Gains, Tata Motors Slips on M&A Buzz
The Indian markets opened flat on July 30, with traders awaiting cues from the Federal Reserve’s meeting and India-US trade talks. The Nifty traded near 24,860, while the Sensex opened steady, with most sectors trading in line with their previous close.
However, some stocks made significant moves, with Tata Motors sliding 3% on reports of a potential buyout of its Iveco business. On the other hand, Larsen & Toubro (L&T) surged 4% after the company reported strong earnings.
The market is expected to remain rangebound in the near term, with analysts predicting a trading range of 24,680-24,920. The range is likely to be fueled by Foreign Institutional Investor (FII) selling and MSCI rebalancing, which can lead to increased volatility.
The Fed meeting is expected to provide cues on interest rates and the economy, while the India-US trade talks are likely to impact market sentiment. The talks are expected to focus on trade tariffs, intellectual property rights, and agricultural products.
Tata Motors’ stock price slumped 3% after reports emerged that the company is looking to sell its Iveco business. Iveco is an Italian truck and bus manufacturer, and the potential sale is part of Tata Motors’ efforts to focus on its core business.
L&T’s stock price, on the other hand, surged 4% after the company reported strong earnings. The company’s net profit rose 25% year-on-year, driven by strong demand in its construction and infrastructure segments.
The Indian market has been volatile in recent weeks, with the Nifty and Sensex experiencing sharp fluctuations. The market has been impacted by rising tensions between the US and China, as well as concerns over the economic impact of the COVID-19 pandemic.
The Indian government has taken steps to boost the economy, including reducing corporate tax rates and increasing infrastructure spending. The government has also announced plans to invest in areas such as healthcare, education, and technology.
The Indian market is also expected to benefit from the country’s growing middle class and increasing consumer spending. The middle class is expected to continue to grow, driven by rising incomes and employment opportunities.
In conclusion, the Indian market opened flat on July 30, with traders awaiting cues from the Fed meeting and India-US trade talks. Tata Motors’ stock price slumped 3% on reports of a potential buyout of its Iveco business, while L&T surged 4% after strong earnings. The market is expected to remain rangebound in the near term, with analysts predicting a trading range of 24,680-24,920. The range is likely to be fueled by FII selling and MSCI rebalancing, which can lead to increased volatility.
Source: https://stocktwits.com/news-articles/markets/equity/nifty-sensex-open-steady-july-30/choQYNdR5yC
