Daily Markets Wrap - April 5, 2022 - HDFC Securities

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

Nifty logged the worst day in two weeks on April 05 pulled down by financials. In the process it broke a two day winning streak. At close, Nifty was down 0.53% or 96 points at 17953.4. Nifty was the worst performing index in the Asian region.

On a day when the volumes on the NSE were higher than recent average, Power, Consumer Durables, Auto and FMCG indices rose the most, while Bank index was down the most.

Asian stocks rose to their highest in more than a month on Tuesday, underpinned by a broad recovery on Wall Street. European stock markets traded in a mixed fashion Tuesday, with investors digesting the potential for more sanctions against Moscow, which could lead to higher commodity prices and fuel inflation concerns.

Domestic passenger vehicle retail sales in March declined by 4.87 per cent to 2,71,358 units, as compared to the same month last year, automobile dealers' body FADA said on Tuesday.

Nifty formed a bearish counter attack line on April 05 but the advance decline ratio remained very positive suggesting that the broader market continues to do well. The Nifty also did not breach the highs of the previous day. 18115-17791 could be the band for the Nifty in the near term, but the highs of the current upmove are yet to be registered.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex