Daily Markets Wrap - April 4, 2022 - HDFC Securities

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

Nifty opened with an upgap on April 04 following the pre market news of HDFC-HDFC Bank merger. It rose to make an intra day high at 1020 Hrs. A correction followed and an afternoon low was made at 1250 Hrs. Another rise followed and Nifty closed almost at the intra day high. At close, Nifty was up 2.17% or 382.9 points at 18053.4. In the process Nifty was the best performer in the Asian region.

On a day when the volumes on the NSE were exceptionally high, Power, Metals and Bank indices rose the most. The BSE Midcap index rose 1.27% while BSE Smallcap index rose 1.68%.

The S&P Global India Manufacturing Purchasing Managers' Index (PMI) declined to 54.0 in March from 54.9 in February.

Asian stocks were largely in the positive. Hong Kong stocks rose on optimism China's proposal to remove a key audit barrier on US-listed Chinese stocks will ease delisting pressure and keep a major funding avenue for companies intact. Stocks in Europe gained mildly as traders weighed the latest developments in the Ukraine war, with peace talks set to resume amid a new push for stiffer sanctions on Russia.

Nifty has broken out based on the news of the mega merger. Nifty is now headed for 18351 and the breadth has also improved.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex