Market Commentary

Daily Markets Wrap - Jan 12, 2022 - HDFC Securities

Posted On : 2022-01-12 18:27:24( TIMEZONE : IST )

Daily Markets Wrap - Jan 12, 2022 - HDFC Securities

Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for the fourth straight session on Jan 12 aided by positive global cues, receding Omicron threat and resumption in FPI flows. Nifty opened gap up and inched higher through the session. At close, Nifty was up 0.87% or 156.6 points at 18212.3. In the process the Nifty closed at its highest in 10 weeks.

On a day when the volumes on the NSE were in line with recent average, Power, Realty, Metals, Auto and Telecom indices rose the most, while Consumer Durables and Healthcare indices fell the most. BSE Midcap index was up 1.08% while Smallcap index was up 0.70%.

Asian stock markets were mostly higher on Wednesday, following the broadly positive cues overnight from Wall Street after U.S. Federal Reserve Chair Jerome Powell's comments at a congressional hearing were less hawkish than expected. European stock markets traded higher Wednesday, continuing the Fed Chairman Jerome Powell-inspired global rally amid confidence in an economic rally despite the deluge of Omicron variant Covid cases.

Nifty continues its uprun with volumes now back at normal and advance decline ratio also ending in the positive. The Nifty however shows a doji after a rise and a gap up. A breach of and sustaining above the top of Jan 12 i.e. 18228 will be crucial for the uptrend to continue. On falls, 18081 could offer support.

Source : Equity Bulls


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