Market Commentary

Daily Markets Wrap - Sep 16, 2022 - HDFC Securities

Posted On : 2022-09-16 21:17:42( TIMEZONE : IST )

Daily Markets Wrap - Sep 16, 2022 - HDFC Securities

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

Nifty ended sharply lower for the second consecutive session on Sept 16 pulled down by weak global cues. Nifty opened gap down and kept falling through the day with some intermittent respite and closed near the intra day low. At close, Nifty was down 1.94% or 346.6 points at 17530.9. It was the highest percent fall since June 16, 2022.

Volumes on the NSE were the highest in since May 31, 2022 partly aided by FTSE rebalancing trades. Among sectors, Realty, IT, Oil & Gas, Consumer Durables, Auto indices fell the most even as all sectors ended in the red. Broad market indices fell more as Smallcap and Midcap indices fell 2.38%-2.85%. Advance decline ratio was sharply negative at 0.23:1.

Global stock markets followed Wall Street lower on Friday after higher-than-expected U.S. inflation dashed hopes the Federal Reserve might ease off more interest rate hikes, amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund.

Pound Sterling, which has been one of the worst performing major currencies this year, fell 0.8% to $1.137 against the dollar in the aftermath of the release - its lowest level since 1985.

Nifty ended the week down by 1.59%. Markets seem to have started the downward move after forming triple top on daily charts over the last three days. On weekly charts, Nifty has formed a bearish Dark Cloud Cover. 17401 and 17170 are the next levels on the downside that may provide temporary support. On upmoves, 17771 may be difficult to breach in the near term.

Source : Equity Bulls


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