Daily Markets Wrap - May 6, 2022 - HDFC Securities

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

Nifty fell on May 06 after opening with a downgap following the rout in the US markets. It remained in a 140 point band post opening and its repeated attempts to bounce up have failed. Realty, Metals and IT have lost the most among sectors while Power is the only sector in the positive. Volumes on the NSE are a little higher than the previous day. The broad market has underperformed the Nifty. At close Nifty was down 1.63% or 271.4 points at 16411.3.

The U.S. dollar hit 20-year highs and world stocks fell towards their lowest in over a year on Friday as markets expected more U.S. interest rate rises, while Asian stocks fell on worries about the hit to growth from China's zero-COVID policy. MSCI's world equity index fell 0.52%, towards its lowest since Feb 2021.A closely-watched U.S. jobs report due later on Friday could strengthen the case for aggressive tightening 16133 on the Nifty remains the next support after a week of loss while 16824 remains a resistance.

Source : Equity Bulls

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