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Daily Market Wrap - July 30, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-08-01 06:09:58 (Time Zone: UTC)


Indian benchmark equity indices once again failed to hold on to intra day gains on July 30 on the back of weakness in markets elsewhere. Nifty opened flat, rose to make an intra day high at 1420 Hrs and sold off later. It closed almost a little under the opening levels. At close the Nifty was down 15.4 points or 0.1% to 15763. In the process the Indian markets outperformed its Asian peers having fallen the least. For the week it closed 0.59% lower.

Amidst market volumes that were the highest in 6 weeks, Healthcare stocks did well led by Sun Pharma who came out with excellent Q1FY22 numbers. Small and Midcap indices however rose about 0.5% each.

Asian and European stocks fell on Friday as concerns about the fast-spreading Delta variant and regulatory actions in China offset optimism around quarterly earnings season and an economic recovery. Gross domestic product in the euro zone region grew 2.0% quarter-on-quarter for a 13.7% year-on-year increase. Economists polled by Reuters had expected a 1.5% quarterly and a 13.2% annual increase.

Nifty has repeatedly run into resistance in the 15862-15899 band over the past 6 sessions. It closed lower for the second consecutive week, though by a small percent. However the lower shadows (area between the lows and close) are growing over the past three weeks, suggesting sharp recovery post higher selling pressure. How long such recoveries will continue is a moot point. Nifty could remain in the 15578-15899 band in the coming week.


Source: Equity Bulls

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