Daily Markets Wrap - June 6, 2022 - HDFC Securities

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

Nifty opened flat on June 06 and fell early to make an intra day low at 0930 Hrs. It rose gradually to make an intra day high at 1410 Hrs and later went sideways. At close, Nifty was down 0.13% or 21 points at 16563.3.

Volumes on the NSE were much below the recent average. Trading ahead of the RBI MPC meet outcome on June 08th, ECB meet on June 09 and US inflation data on June 10 remains subdued. Among sectors, Oil & Gas and Metals indices rose the most while Realty, Capital Goods and Consumer Durables indices fell the most. Smallcap index ended lower by 0.55% suggesting pressure on broader markets. This is also reflected in the negative Advance decline ratio for the day.

European and Asian stocks rose on Monday after China relaxed some Covid-19 restrictions, calming markets that have been unsettled by concerns over global central bank rate rises to tackle persistently high inflation.

Nifty has consolidated on Monday after falling from higher levels on Friday. Having taken support from 16443, Nifty rose and closed higher than the low, though minorly in the negative. We think Nifty could remain in the 16353-16696 band for the next few sessions.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex