Market Commentary

Daily Markets Wrap - Sep 6, 2022 - HDFC Securities

Posted On : 2022-09-06 20:18:01( TIMEZONE : IST )

Daily Markets Wrap - Sep 6, 2022 - HDFC Securities

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

Nifty ended almost flat on Sept 06 after a day of swings either side. Nifty opened higher but fell soon thereafter to form an intraday bottom at 1030 Hrs. It later rose, then fell and rose again. At close, Nifty was down 10.2 points or 0.06% at 17655.6.

Among sectors, Power, Oil & Gas and Metals indices rose the most while Banks, IT and FMCG indices fell the most. Midcap index rose 0.47% outperforming the Nifty but advance decline ratio was negative at 0.96:1.

Asian markets were largely higher though nominally. European markets rose cautiously on Tuesday as investors continued to assess recession risks in the region and as previously surging gas prices slipped back 10%. The Reserve Bank of Australia earlier Tuesday raised its cash target rate by 50 basis points to 2.35%, its highest level since 2014, and the fifth interest rate increase so far this year.

Nifty, though having closed almost flat, formed higher top higher bottom formation compared to the previous session. It formed a high wave doji candle suggesting indecision after a rise. US markets are slated to open today post a holiday on Monday and could influence the opening of our markets on Wednesday. Nifty could remain in the 17540-17777 band for the near term.

Source : Equity Bulls


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