Market Commentary

Daily Markets Wrap - Sep 27, 2022 - HDFC Securities

Posted On : 2022-09-27 19:19:29( TIMEZONE : IST )

Daily Markets Wrap - Sep 27, 2022 - HDFC Securities

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

Nifty closed almost flat on Sept 27 after a day of swings between losses and gains. Nifty opened gap up but soon ran into a sell off making an intra day bottom at 1110 Hrs. Alternate bouts of buying and selling followed. At close Nifty was down 9 points of 0.05% at 17007.4.

Volumes on the NSE were on the lower side. Among sectors Oil & Gas, Telecom and IT were the main gainers while Power, Metals and Banks were the main losers. Smallcap index outperformed rising 0.49% even as the advance decline ratio improved to 1.37:1.

Global markets remained on edge and were mixed Tuesday as investors braced for a heightened risk of global recession, even as dip buyers emerged. Chinese markets recovered on expectations of more stimulus measures by the government. People's Bank of China injected about $24.7 billion of liquidity into the sector via repo market operations.

Nifty took support from the upgap of 16947 and closed flat after making a lower low compared to the previous day. The downtrend in the Nifty may have halted temporarily, though it needs to close above 17196 for confirmation. On falls, 16942 will be watched closely.

Source : Equity Bulls


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