Market Commentary

Daily Markets Wrap - Sep 29, 2022 - HDFC Securities

Posted On : 2022-09-29 18:17:28( TIMEZONE : IST )

Daily Markets Wrap - Sep 29, 2022 - HDFC Securities

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

Nifty ended a volatile session in the negative on Sept 29, falling for the seventh consecutive session. Nifty opened the gap up in line with gains made overnight in the US markets but kept sliding through the day. At close, Nifty was down 0.24% or 40.5 points at 16818.1.

Among sectors Metals, Healthcare and FMCG gained the most while Power, IT and Banks fell the most. Midcap and Small cap indices outperformed rising 0.31-0.63% with advance-decline ratio ending at a positive 1.37:1.

Risk-off sentiment returned to global equity and bond markets on Thursday as concern about inflation and the risk of global recession overshadowed the Bank of England's move to support the gilts market. British Prime Minister Liz Truss defended a tax-cut plan that rattled investors; Truss said she is willing to make "difficult decisions" to get the economy growing.

Nifty could not hold on to opening gains as global sentiments again turned negative during the course of the day. Sept 30 is the month and quarter end and also the 8th day in the series of falls. Nifty has a fair chance to break the falling streak on Sept 30. 16653-16752 remains a crucial support band for the Nifty while 17026 remains a resistance.

Source : Equity Bulls


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