Market Bizzz

Nifty50 on Thursday settled almost flat, but snapped a six day winning run. The index ended up forming a small bearish candle on the daily chart, with a long lower wick. Analysts said the index turned sideways after the recent rally and expect it to find support around 17,200 level.

“The dollar weakened last week after the (policy setting) Federal Open Market Committee meeting because the market wanted to believe that the Fed was pivoting in a dovish manner because of slowing growth,” said Sim Moh Siong, currency strategist at Bank of Singapore.

However, the telco’s average revenue per user (Arpu), a key metric in performance, beat street expectations and rose to ₹128 from ₹124 in the previous quarter aided by tariff hikes late last year. The average estimate of four analysts pegged the telco’s net loss at ₹6,6393.8 crore on revenue of ₹10,293 crore.

Adani Total Gas, Adani Enterprises, Dabur, Britannia, Berger Paints, GAIL, Balkrishna Industries, Abbott, ConCor, Dalmia Bharat, LIC Housing and BHEL are among the companies that will announce their earnings for the quarter ended June 2022.

U.S. sales were boosted by Starbucks’ ability to raise prices without pushback from its wealthier customers and its booming sales of cold beverages, which now make up about 75% of total beverage sales in U.S. company-operated cafes.

PayPal, which was among companies that won big during the pandemic, saw shares wipe out over 70% of their market value in a year as e-commerce growth retreated from pandemic-era records.

The company posted a net loss of $295 million. Stripping out the restructuring charges, Robinhood reported a loss of 32 cents per share versus analyst estimates of a loss of 37 cents per share, according to Refinitiv IBES data.

Wong, who said this repricing of expectations for Fed rate hikes was probably overdone, added that somewhat lower energy prices were also helping the yen, since Japan was a net importer of energy. The currency was also benefiting from some safe-haven flows due to worries about Pelosi’s visit.

Data showed U.S. manufacturing activity slowed less than expected in July, with the Institute for Supply Management’s (ISM) index of national factory activity dipping to 52.8 last month, its lowest reading since June 2020. U.S. construction spending also fell 1.1% in June, as outlays on single-family homebuilding declined sharply amid rising mortgage rates. These weak U.S. economic readings pointed to a slowdown that could prompt the Federal Reserve to be less aggressive in its monetary policy tightening plans.