Daily Markets Wrap - July 6, 2022 - HDFC Securities

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

Nifty rose on July 06 despite not so encouraging Asian cues and retested 16000 levels. Nifty opened flat and rose gradually through the day to close almost at the intra day high. At close Nifty was up 1.13% or 178.9 points at 15989.8. In the process, Indian markets were the best performer in the Asian region.

Volumes on the NSE were a little higher than the recent average. Among sectors, Realty, Consumer Durables, Auto and FMCG indices gained the most while Metals lost the most. Advance decline ratio was comfortably above 1:1. BSE Midcap index outperformed the Nifty.

Asian stocks mostly slipped on Wednesday as investors' fears deepened that the continent is leading the world into recession. The surge in COVID-19 infections in China also hurt market sentiment as it reignited worries about potential lockdowns. European stock markets traded higher Wednesday, rebounding strongly with investors seeking bargains after the previous session's slump on increasing recession fears. An end to strike by Norwegian oil and gas workers eased worries of an energy supply crunch.

Nifty has risen well on July 06. A move above 16026 could result in more upsides while 15785 could be near-term support.

Source : Equity Bulls

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DailyMarketsWrap Nifty Sensex HDFCSecurities