Daily Markets Wrap - Nov 4, 2022 - HDFC Securities

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

Nifty broke a two day losing streak on Nov 04, aided by encouraging newsflow from China. Nifty opened higher but soon started to fall. It made an intra day low at 1100 Hrs and later rose. It broke off upwards post 1430 Hrs and closed near the intra day highs. At close, Nifty was up 0.36% or 64.5 points at 18117.2.

Among sectors, Metals and Oil & Gas indices rose the most while Healthcare and IT fell the most. Smallcap index performed in line with the Nifty rising 0.41% even as the advance decline ratio rose to 1.41:1.

Global equities trimmed a weekly loss as Chinese shares surged amid signs that authorities are trying harder to ease the impact of its Covid-Zero policy. Emerging market shares jumped 2% on Friday and were on course for their best weekly performance in more than a year, thanks to a surge in China shares this week on optimism around lifting of COVID restrictions.

Worries about China's growth amid its zero-COVID policy, and global monetary policy tightening to stave off inflation exacerbated by the Russia-Ukraine war, have roiled markets this year, leaving little room for sustained risk appetite.

The unemployment rate in India rose to 7.77 percent in October compared to a four-year low of 6.43 percent in September, data from Centre for Monitoring Indian Economy (CMIE) show.

Nifty rose 1.86% for the week rising for the third consecutive week. Though Nifty shows volatile moves during the day, the underlying trend continues to be up. 17899 could be a support for the Nifty while 18179 and later 18287 could be a resistance for the near term.

Source : Equity Bulls

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