Market Commentary

Daily Markets Wrap - Jan 13, 2022 - HDFC Securities



Posted On : 2022-01-13 20:39:51( TIMEZONE : IST )

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

Nifty rose for the fifth straight session on Jan 13 aided by positive global cues. Nifty opened higher, went up and down through the day but closed higher. At close, Nifty was up 0.25% or 45.4 points at 18257.5.

On a day when the volumes on the NSE were in line with recent averages, Power, Metals, Capital Goods and Healthcare indices rose the most while Realty and Bank indices lost the most. BSE Smallcap index rose 0.49% while Midcap index was up 0.38%.

Asian shares were mixed on Thursday, as global investors assessed that strong US inflation data was not worrying enough to change the Federal Reserve's already hawkish rates outlook. Asian shares weakened in line with Chinese stocks, after data showing mainland bank lending fell more than expected in December, causing property and consumption sectors to sink. European stocks edged lower on Thursday after a relief rally in the prior session as global markets faltered following the latest U.S. inflation reading showing consumer prices rose once again in December.

Nifty rose for the fifth straight session; however it seems to be running out of steam going by the intra day moves. While the Nifty seems headed towards the earlier high of 18604, some correction prior to that is likely. 18129-18342 seems to be the band for the Nifty in near term.

Source : Equity Bulls

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