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Market Commentary
Daily Markets Wrap - March 4, 2022 - HDFC Securities
Posted On : 2022-03-04 20:02:43( TIMEZONE : IST )
Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty closed lower for the third consecutive day on March 04 as fears over the Russia Ukraine conflict refused to subside. Nifty opened gap down and continued to fall till 1100Hrs. It later rose to make an intra day high at 1330 Hrs. Post 1400 Hrs, Nifty started to fall once again. At close, Nifty was down 1.53% or 252.7 points at 16245.3. In the process Nifty was the worst performer in the Asian region.
On a day when the volumes on the NSE were a little higher than recent average, all sectoral indices ended in the negative with Realty, Metals, Consumer Durables, Auto and Telecom leading the losers. BSE Smallcap index fell 1.64% while Midcap index was down 2.36%.
Asian stock markets are trading mostly lower on Friday at 16 month lows, following the broadly negative cues overnight from Wall Street, and after news of a fire near a Ukraine nuclear facility following fighting with Russian forces heightened investor fears about the escalating conflict and sent oil prices higher. European stock markets traded sharply lower Friday on the signs of intensifying fight in Ukraine, with an attack on a nuclear plant reinforcing fears of an environmental catastrophe compounding the humanitarian one that is already happening.
India's services activity improved slightly in February, with the sector's Purchasing Managers' Index (PMI) rising to 51.8 from 51.5.
Consistent selling by FPIs has resulted in all bounces being sold into. Domestic investors also get impacted in terms of sentiments at intervals with advance decline ratio falling deeply in the negative on March 04. On weekly basis, Nifty has closed lower for the fourth consecutive week with a loss of 2.48%. On weekly charts, Nifty has closed at its lowest since Aug 2021. 15914-16147 band could provide support to the Nifty in the coming week and a sustainable minor bounce could be seen later as positive news flow is expected to come in from Europe.
