Daily Markets Wrap - August 26, 2022 - HDFC Securities

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

Nifty closed higher on Aug 26, partly reversing the losses of the previous day, ahead of the Jackson Hole speech by the US Fed Chair. Nifty opened higher, gradually eroded through the day but still managed to close higher. At close, Nifty was up 0.21% or 36.2 points at 17558.9.

Among sectors, Power, Metals, Consumer Durables and Capital Goods indices rose the most while Realty and FMCG fell the most. Midcap and Smallcap indices mildly outperformed the Nifty even as the advance decline ratio was positive at 1.48.

World stocks were narrowly mixed on Friday as traders and investors awaited a speech from Federal Reserve Chair Jerome Powell for clues on the gradient of the U.S. central bank's rate-hike path.

India's 10-year bond yield is on course to decline after six sessions on a report of JPMorgan consulting investors about adding India to its bond index.

Nifty snapped a five week winning streak and closed 1.12% lower for the week. Outcome of the speech by the US Fed Chair at Jackson Hole on Friday evening is widely awaited for cues on sentiments going ahead. On daily charts, Nifty has formed an indecisive doji after a small fall. A breakout above/below 17727-17487 will determine the direction of the Nifty going forward.

Source : Equity Bulls

Keywords

DailyMarketsWrap HDFCSecurities Nifty Sensex