Daily Markets Wrap - Sep 27, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty ended flat on Sept 27 after going in and out of positive territory. Nifty fell in the morning after opening higher to make an intra day bottom at 1135Hrs. It later rose till about 1330Hrs and later fell once again. At close, Nifty was up 1.9 points or 0.01% to 17855.

On a day when the volumes on the NSE were in line with recent averages, Realty, Oil & Gas and Auto stocks rose the most, while IT, Healthcare and FMCG indices lost the most. S&P BSE MidCap closed unchanged and S&P BSE MidCap slipped 0.13%.

Ratings agency Icra on Monday revised up its 2021-22 real GDP growth estimate for India to 9 percent from the earlier 8.5 percent due to a ramp-up in COVID-19 vaccination, healthy advance estimates of kharif (summer) crop and faster government spending.

Asian shares were mostly higher Monday, but fears of further waves of coronavirus outbreaks were clouding the economic outlook for the region, tempering the rally and resulting in loss of some of the gains of morning session. European markets rose on Monday even as investors assessed whether global growth can withstand a slowdown in China and a global energy crunch.

Nifty could not breach the highs of Friday on Sept 27 and ended almost flat. Advance decline ratio deteriorated during the day to end at below 1:1. Broader market is seeing lack of buying/participation while the largecaps are seeing rotational buying with Auto coming back in favour while IT going out. However large scale sell-off is not yet seen in the markets and hence hopes of Nifty touching 18000 level over the next few days still remains alive.

Source : Equity Bulls

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