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"What moved market at opening tick?Even after the 75 bp consecutive rate hike by the Fed and indication that another unusually large increase would be appropriate in the next meeting the US markets staged a smart bounce back with S&P 500 and Nasdaq rising by 2.62% and 4.06% respectively. The market seems to be taking cue from the Fed chief's observation that, I don't think we are in a recession now, the labour market continues to be tight.Data - unemployment at 50-year lows and job vacancies at historical highs - seem to support the Fed chief's confidence about the US economy.The July rally in the domestic market which has taken the Nifty up around 1500 points from the June lows seems to be intact for the very short-term.IT stocks after the recent correction may rebound taking cues from the Nasdaq rally and the continuing strength of the US economy. Financials will continue to be resilient.-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services"
<https://economictimes.indiatimes.com/markets/stocks/live-blog/bse-sensex-today-live-nifty-stock-market-updates-28-july-2022/liveblog/93174129.cms>