Daily Markets Wrap - March 25, 2022 - HDFC Securities

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

Markets fell for the third consecutive session dragged by consumer durables and information technology stocks.

Crude oil prices finished 2.3% lower Thursday, after no new oil sanctions against Russia emerged from the gathering of world leaders. Lower energy prices and Upbeat economic data helped the Indian indices open higher. After gap up opening of more than 50 points, Nifty could not hold on to morning gains and fell more than two hundred points from day's high of 17294. Nifty ended at 17153 down 70 points or 0.4 per cent, recovering slightly from the day's low of 17076.

Sectorally, Banking and FMCG stocks dragged the markets lower in this volatile week, Media index stocks surged. Hotels and Multiplex stocks were in the limelight with gains across the board.

Declining shares outnumbered the advancing shares for the fifth consecutive day today as well. Resistance for Nifty is seen at 17484, which happens to be the 61.8% retracement of the entire downswing seen from 18604 to 15671. Mid-cap and Small-cap index outperformed the benchmark index by closing the week slightly higher suggesting stock specific buying interest.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex