Daily Markets Wrap - April 6, 2022 - HDFC Securities

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

Nifty fell for the second consecutive day on April 06, dragged down by weak global cues. Nifty opened with a small downgap and remained in a 120 points band for the better part of the day with a mildly negative bias. At close Nifty was down 0.83% or 149.75 points at 17807.7.

Volumes on the NSE were a little higher than recent averages. Among sectors, Power, Oil & Gas, Metals and Telecom indices rose the most while Banks and IT indices fell the most. BSE Midcap and Smallcap indices rose 0.38-0.41%, thus outperforming the frontline index.

Global markets were lower due to overnight hawkish comments by Fed governor Brainard, awaiting a fresh round of sanctions against Russia and the release of minutes from the Fed's last policy meeting, out at 1800 GMT.

India's services activity improved in March, with the S&P Global India Services Purchasing Managers' Index (PMI) rising to a three-month high of 53.6 from 51.8 in February.

Nifty could now take support from 17670-17704 even as the broader markets continue to do well as is evident from the positive advance decline ratio. On upmoves, 17901-17921 band could offer resistance.

Source : Equity Bulls

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