"With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close on a positive note. Global indices traded lower on rate hike worries as ECB in its meeting today, is expected to raise rates by 50bps, while the Fed is expected to increase rates by 75bps in upcoming meeting scheduled next week. Even though a rate hike of this magnitude has already been factored in, the major market driver would be their commentary on future inflation and growth forecasts.

Indian indices ended higher for the fifth straight session on Thursday on the back of positive global trends and foreign investors turning net buyers towarss Indian equities after 9 months of outflows. Back home, gains in banks, IT, FMCG and metal stocks also supported the benchmarks. The Sensex ended 284 points higher at 55,682 while the Nifty rose 89 points to settle at 16,610.

Meanwhile, broader markets outperformed benchmarks with the Nifty Midcap and Nifty Smallcap indices up 1.4 percent and 0.8 percent, respectively. IndusInd Bank was the top gainer on both the benchmarks, up 8 percent on strong June quarter earnings and bullish comments by brokerages.

Shares of Adani Enterprises (AEL) hit a new high of ₹2,498.80, up 2 percent on NSE on Thursday on expectations of entry into the Nifty50 index, a gauge for the performance of India’s capital market. The stock traded higher for the sixth straight day and gained 6 percent during the period. In the past one month, it has rallied 15 percent as compared to 6 percent rise in the Nifty 50 index. Further, in the past six months, it surged 36 percent as against 6 percent decline in the benchmark index.

UltraTech Cement Ltd is likely to report a around 25 percent decline in its consolidated profit after tax (PAT) in the June quarter at ₹1,370 crore. The company's consolidated revenue, however, is expected to grow 20-25 percent to ₹14,000 crore from the same quarter last year. On a sequential basis, analysts expect the company to report a subdued performance due to moderation in demand from the real estate over rising input costs. Sequentially, the consolidated PAT is seen declining 45-50 percent, as revenue is likely to be lower by 7-10 percent.

Rama Steel Tubes jumped 3.5 percent after it received 2 new orders from H.P. State Civil Supplies Corporation Limited for its Jal Shakti Vibhag, Himachal Pradesh, total aggregating to ₹264 million, as per the press release.

European stock markets trod water in early trade on Thursday as investors eyed the European Central Bank's widely anticipated first increase in interest rates in more than a decade. After around 15 minutes of trading, London's benchmark FTSE 100 was unchanged at 7,263.79 points, Frankfurt's DAX index edged up by 0.3 percent to 13,316.66 points and the Paris CAC 40 added 0.2 percent to 6,200.25.

"While continuing with its declining spree, the Indian rupee has dived to yet another record low. The recent bout of weakness is caused by strong dollar demand from oil importers with crude oil prices holding steady. Besides, as the rupee hit the 80 to the dollar mark, importers and corporates with huge overseas loans are rushing to hedge their foreign currency exposure, which is acting as a key headwind for the domestic currency.

A hawkish stance of the ECB would lead to further pressure on the greenback while aiding the domestic currency. On the contrary, a slightly dovish tone would mean renewed strength in the dollar index that shall further suppress the Indian rupee. Going forward, even as the rupee is inclined on a downwards trajectory, we reckon that the domestic currency is likely to find a strong cushion at the 81 mark."

An economic outlook survey by the Federation of Indian Chambers of Commerce and Industry has cut the gross domestic product growth estimate for 2022-23 at 7 percent from 7.4 percent earlier because of persistent geopolitical uncertainty.

“There was a unanimous view among the participants that although the Indian economy is expected to face a slowdown in the near-to-medium term, it will still grow consistently to emerge as the fastest growing economy in the world,” the industry body said in a statement on July 21.

Shares of Tata Communications surged 9 percent after the company said its net profits for the June quarter jumped 84 percent year-on-year (YoY).

Its consolidated revenue came in at ₹4,311 crore, up 5.1 percent YoY. Sequentially, growth in revenue followed upsides in the data business.

Consolidated net profits stood at ₹544 crore for the quarter, up from ₹296 crore in the same quarter last year, registering a growth of 83.6 percent YoY.

Wipro on July 20 reported a 20.93 percent year-on-year (YoY) decline in its consolidated profit after tax (PAT) at ₹2,563.6 crore for the quarter ended June as compared to a PAT of ₹3,242.6 crore recorded during the same period last year. On a sequential basis, the profit fell 16.96 percent. The consolidated total revenue for the Bengaluru-based IT services company rose 15.51 percent on-year to ₹22,001 crore as against a revenue of ₹19,045 crore registered in the year-ago quarter. On a sequential basis, the revenue is higher by 2.98 percent. It's shares were trading flat post the earnings.

IndusInd Bank share price rose oevr 6 percent on Thursday after the company reported its June quarter earnings. IndusInd Bank on July 20 reported a 60.5 percent year-on-year rise in net profit at ₹1,631.1 crore for the quarter ended June, which was above the analyst expectation of ₹1,423.5 crore. The rise in net profit was helped by a 30 percent on-year fall in provisions as well as a 16 percent growth in net interest income.

ITC Ltd hit its all-time high of ₹300 per share on the BSE Sensex in early trade on Thursday, July 21, 2022. Just until last year, the stock of ITC was a butt of jokes on social media. In 2022 so far, shares of ITC have gained more than 35% in 2022 against a nearly 6% fall in the benchmark Sensex. The gains in the shares of ITC are mostly because of its sound fundamentals and restructuring of its product portfolio in recent years. Keeping costs under check and using technological and other leverages to facilitate the growth also seems to have worked in favour of the stock.

Shares of Gland Pharma hit a 52-week low of ₹2,232 as they slipped 10 per cent on the BSE in Thursday's intra-day trade. The company reported 35 per cent year-on-year (YoY) decline in profit after tax (PAT) to ₹229 crore in June quarter (Q1FY23), due to lower operational income. The pharmaceutical company's PAT stood at ₹351 crore in Q1FY22. On a sequential basis, PAT was down 20 per cent from ₹286 crore in Q4FY22.

Indian indices trimmed early losses to turn green led by gains in banks, metals and FMCG stocks. At 10:00 am, the Sensex was up 110 points at 55,507 while the Nifty rose 34 points to 16,555. Broader markets also outperformed benchmarks with the Nifty Midcap and Nifty Smallcap indices up 0.7 percent each.

Yet another day for the bulls ended on a flat note, almost resembling an “abandoned baby” candlestick pattern. While this pattern normally signals reversal, it does not look fully formed, but does point to some bullish exhaustion. That all intraday dips were consistently bought, keeps the 16800-trajectory intact, but favoured view for the day expects bears to initiate efforts to dominate, and make a play for 16330, should 16485 give away early today.

"With around 8.5% rally from the June lows, Nifty is likely to consolidate around the present levels before making its next move, which will be influenced by the outcome of the ECB and Fed meetings due on 21st and 27th July respectively. The Fed is likely to raise the rate by 75 bp and ECB, perhaps, by 50 bp. But more important than the rate hikes, their commentary on the trajectory of inflation and economic growth would be closely watched. If there are indications that inflation has peaked and is likely to trend down, markets would respond positively. If not, the market response would be negative.

In the domestic market, the biggest positive is FIIs turning buyers. Even if they turn sellers at higher levels, the intensity of selling will be much lower than in the last several months. IT and financials which bore the brunt of FII selling are the likely beneficiaries of the change in strategy of FIIs."

Indian indices opened lower on Thursday, snapping 3-day winning streak amid mixed trade in Asian peers. At 9:15 am, the Sensex was trading 100 points lower at 55,297 while the Nifty fell 28 points at 16,492. IT stocks and banks dragged the most while FMCG sector capped the losses.

Indian indices rose over 1 percent on Wednesday led by gains in IT, oil & gas and metal shares amid positive global market trends. Sensex rallied 629.91 points or 1.15 percent to settle at 55,397.53 while NSE Nifty climbed 180.30 points or 1.10 percent to end at 16,520.85.

Shares in the Asia-Pacific region were mixed on Thursday as investors look ahead to the Bank of Japan rate decision. In Australia, the S&P/ASX 200 was about flat. South Korea’s Kospi gained 0.3 percent. The Nikkei 225 in Japan declined 0.31 percent, while the Topix index lost 0.38 percent.

US stocks ended higher on Wednesday with the tech-heavy Nasdaq booking a 1.6 percent gain on positive earnings signals with a wary eye on inflation and more interest rate hikes by the Fed. The Dow Jones Industrial Average rose 47.79 points, or 0.15 percent, to 31,874.84, the S&P 500 gained 23.21 points, or 0.59 percent, to 3,959.9 and the Nasdaq Composite added 184.50 points, or 1.58 percent, to 11,897.65.

At 8:20 am, the SGX Nifty was trading 23 points or 0.14 percent higher at 16,520, indicating a positive opening for the Indian markets.