Indian markets closed weak at day lows - March 21, 2022 - HDFC Securities

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities on today's market performance.

Increasing uncertainty in Gulf region and no sign of respite in the tensions between Russia & Ukraine - Brent crude prices surged by 4% to trade near $112 per barrel. This led to a broad-based sell-off in the Indian equity markets. Markets open higher on positive global cues. U.S. stocks closed higher on Friday, with all three major indexes notching their best weekly performance since November 2020. Nifty did not hold its gain and witnessed profit booking towards the end of the session. Nifty lost more than 1% to close at 17112.

Rate sensitive sectors like Automobiles, banks, realty and power sectors corrected while metal sector were the sole gainers. The midcap index shed half a percent while the small cap index added marginal gains. Declines outnumbered the advances where advance decline ratio stood at 0.8. Cash volumes were lower by 15% as compared to last ten days' average suggesting market corrected on lower volumes. European markets were higher today while markets in Japan were closed today for a holiday.

Support for Nifty is seen in the zone of 17000-17050, while resistance is seen in the vicinity of 17300-17400.

Source : Equity Bulls

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