Market Commentary

Daily Markets Wrap - August 5, 2022 - HDFC Securities

Posted On : 2022-08-07 13:23:54( TIMEZONE : IST )

Daily Markets Wrap - August 5, 2022 - HDFC Securities

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

Nifty once again recovered from afternoon weakness on Aug 05 to end marginally in the positive. Nifty opened higher and remained in the positive territory for better part of the day. It later dipped to form an intra day low at 1430 Hrs, but recovered soon thereafter. At close Nifty was up 0.09% or 15.5 points at 17397.5.

Volumes on the NSE were on the higher side compared to recent averages. Among sectors, Telecom and IT indices rose the most while Power & Auto indices fell the most. Broad market indices also closed marginally in the positive and the advance decline ratio was positive at 1.28:1.

Asian stock markets rose Friday ahead of an update on the health of the U.S. jobs market while the Federal Reserve weighs whether more rate hikes are needed to cool surging inflation. Stocks in Europe struggled for direction but were still set for a weekly gainas investors brace for the monthly US jobs report that's likely to enliven the recession debate.

The US non farm payroll data for July due this evening could impact the trend of the US markets and in turn other markets. Though the Nifty has gained 1.39% over the week, it has closed in a 15 point band in the last three sessions with intra day recoveries and selloffs seen. This bull bear fight may soon end and markets may take a direction for the short term. 17595 and 17161 are the key levels on either side.

Source : Equity Bulls


DailyMarketsWrap HDFCSecurities Nifty Sensex