Daily Markets Wrap - Jan 28, 2022 - HDFC Securities

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

Nifty gave up early gains on Jan 28 to close almost flat. Nifty opened gap up in line with other regional markets and rose to make an intra day high at 1220 Hrs. It started to fall sharply post 1330 Hrs and closed almost flat. At close Nifty was down 0.05% or 8.2 points at 17101.9. In the process Nifty has fallen in 7 out of past 8 sessions.

On a day when the volumes on the NSE were in line with recent average, Banks and Auto indices fell the most while Realty, Telecom, IT and Healthcare indices rose the most. BSE Midcap index rose 1.02% while Smallcap index rose 1.07%.

Asian stock markets were mixed Friday and mostly weakened from high opening levels through the day. Europe's main bourses fell again on Friday as worries about a sudden stop to central bank stimulus and rising tensions between Western powers and Moscow continued to drive world stocks to one of their worst ever starts to a year.

The proposed Bad Bank in India has received all necessary approvals to start operations. In the initial phase, around 15 cases worth Rs 50,000 crore will be transferred to the proposed bad bank in this fiscal.

Nifty closed the week, lower by 2.92% recording the second worst week in 2022. Nifty pulled back after facing resistance at close to 17400. FPI selling seems relentless even after the F&O expiry on the previous day. This seems to be more global decision than pertaining to just India. 16998-17374 could be the band in the near term while this band could widen on and post the Budget day next week.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex