Market Commentary

Daily Markets Wrap - June 30, 2022 - HDFC Securities

Posted On : 2022-06-30 23:14:44( TIMEZONE : IST )

Daily Markets Wrap - June 30, 2022 - HDFC Securities

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

Nifty ended marginally in the negative on F&O expiry day, month end and quarter end day on June 30. Nifty opened flat, rose in the first few minutes of trade to make an intra day high at 945 am. It later saw alternate bouts of buying and selling to finally close in the negative. At close Nifty was down 18.8 points or 0.12% at 15780.3. Broader markets continued to be under pressure as advance decline ratio was in the negative. Among sectors, Power and Bank indices rose the most, while Realty, Metals and Auto indices fell the most.

Most global markets fell again Thursday as traders fear that hefty rate hikes to rein in soaring inflation will spark a recession. Global stocks sank on Thursday to extend what is the worst first half of the year for global share prices on record, as investors worry that the latest show of central bank determination to tame inflation will slow economies rapidly.

Nifty ended ~5% lower for the month and 9.4% lower for the quarter even as FPIs continue to be sellers on almost all days. It closed at the lowest in 4 days on June 30, once again failing to hold on to gains. 15565-15892 could be the band for the Nifty over the next few days.

Source : Equity Bulls


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