Daily Markets Wrap - April 1, 2022 - HDFC Securities

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

Nifty rose on the first day of the Monthly F&O series on April 01 and the new financial year. Nifty opened lower but quickly began to rise. A last half hour surge led to higher gains for the Nifty. At close Nifty was up 1.28% or 223.3 points at 17658.

On a day when the volumes on the NSE were in line with recent averages, all sectoral indices ended in the green with Realty, Power, Oil & Gas and Banks leading the pack. BSE Midcap and Smallcap indices rose 1.39-1.71%.

India's March GST collections came in at an all time high of Rs 1.42 lakh crore. These are 15% higher YoY and 46% higher than those of March 2020.

Asian shares fell for a second straight session on Friday though most recovered from their day lows as investors evaluated the economic outlook amid tightening monetary policy and Russia's war in Ukraine. Oil reversed a decline and natural gas prices fluctuated as euro-zone inflation accelerated to another all-time high. European shares rose slightly after early sluggishness on Friday, as a rally in bank stocks helped outweigh worries about economic growth and inflation. US Futures advanced before March payrolls figures later on Friday.

Nifty logged the second best week in nearly seven months rising 3.02% over the week. The new F&O series and new Fiscal brought back long traders who bet on their favorite stocks. Advance decline ratio on the NSE rose to 1750:335, the best since March 09, 2022. 17795 on the Nifty could come up as the next target soon while 17353 could be a support.

Source : Equity Bulls

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