Daily Market Wrap - Oct 5, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty closed in the positive for the second consecutive day on Oct 05. Nifty opened lower on Oct 05 and remained in a range for better part of the morning. Post 1240 Hrs, it started to rise. At close Nifty was up 0.74% or 131 points to 17822.

On a day when the volumes on the NSE were higher that recent average, Oil & Gas, Telecom and Power indices rose the most, while Realty and Healthcare indices lost the most. BSE Midcap and Smallcap indices rose less than the Nifty.

Services sector activity in India continued to remain strong in September despite a small fall from August. According to the monthly IHS Markit India Services Purchasing Managers' Index (PMI) survey, services PMI stood at 55.2 in September, down from 56.7 in August.

The global selloff in technology stocks deepened in Asia on Tuesday amid investor fears of higher interest rates and as surging commodity prices fueled concerns about global inflation. However the Asian markets recovered from the morning lows towards the end of the session. World shares steadied near lows on Tuesday as worries that rising oil prices will feed inflationary pressures appeared to ease.

Nifty closed at almost the intra day high with high volumes and positive advance decline ratio. Nifty shows good momentum. The next resistance for the Nifty is 17912-17948 while the support is at 17711.

Source : Equity Bulls

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