Daily Markets Wrap - March 17, 2022 - HDFC Securities

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

Nifty rose for the second consecutive session on March 17, closing the best week since Feb 2021 aided by positive global cues. Nifty opened gap up and gradually rose through the day. At close, Nifty was up 1.84% or 311.7 points at 17287.1.

On a day when the volumes on the NSE were much above recent volumes, Realty, Consumer Durables, Banks and Auto indices rose the most while IT was the loss leader. BSE Smallcap and Midcap indices rose 1.07-1.18%.

Hong Kong led strong gains in Asian stock markets on Thursday, buoyed by signs of progress in peace talks between Russia and Ukraine and by expectations of more support for China's wobbly economy. European stocks rose on Thursday, following Chinese equities higher, as traders considered the prospect of economic stimulus from Beijing and looked ahead to a monetary policy decision from the Bank of England later in the day.

Nifty has risen sharply over the past few days, as the immediate concern issues (war, crude oil prices and US Fed meet outcome) seem to have gone out of the way. The momentum remains strong as the mid and smallcap stocks have started to participate in the upmove as is reflected from the positive advance decline ratio. High volumes number suggest that FPIs have returned as buyers. Nifty could remain in the 17639-16843 band for the next few sessions.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex Smallcap Midcap