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Daily Market Wrap - Oct 8, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Posted On: 2021-10-10 16:14:29 (Time Zone: IST)


Nifty rose for a second consecutive day on Oct 08. Nifty opened with an upgap boosted by positive global cues. It touched an intra day high at 1035 Hrs post the announcement of outcome of RBI MPC meet. The MPC meet outcome was largely on expected lines, though sounding a bit dovish. The Nifty later remained in a wide band for the rest of the day. At close, the Nifty was up 0.59% or 105 points at 17895.

On a day when the volumes on the NSE were in line with recent average, IT and Energy indices rose the most, while Realty and Power indices fell the most. Smallcap index was up ~1% while Midcap index was up 0.2%.

Net equity inflow in equity and equity-oriented mutual funds at Rs 6,456.4 crore in September fell from Rs 8,056.79 crore in previous month. The systematic investment plan (SIP) inflow crossed Rs 10,000 crore for the first time, in September 2021, at Rs 10,351 crore against Rs 9,920 crore in previous month.

Asian shares rose on Friday as Chinese shares returned from a one week holiday upbeat, tracking a global rally. European stocks were mixed as investors awaited a key employment report for clues on the Federal Reserve's monetary policy. Global stocks are still on course for their best week since early September.

India's equity benchmarks logged the best week since the week ended September 3. It gained 2.07% over the week after losing 1.8% in the previous week. For the week, IT, Media, Auto and Realty indices gained the most, while FMCG and Pharma ended in the negative. Advance decline ratio ended in the positive though weaker than that in the morning. Nifty moved above the bear candle of Wednesday and in the process almost reached the earlier all time high of 17948. A move above the all time high could mean running into another resistance at 18000 for some time. However if this is achieved, we could move even higher later on. Breadth of the market could deteriorate in the near term as the focus could now shift back to largecaps.


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