Daily Markets Wrap - Sep 2, 2022 - HDFC Securities

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

Nifty closed nominally lower on Sept 02 after struggling for direction in a volatile session. Nifty opened higher and remained volatile in a range through the day. At close Nifty was down 0.02% or 3.4 points at 17539.5.

Among sectors, Capital Goods index rose the most while Oil & Gas and Metal indices fell the most. Midcap index underperformed the Nifty falling 0.35% even as the advance decline ratio was negative at 0.86:1.

World stocks were heading for a 3% loss on the week while the dollar hit 24-year highs against the yen ahead of key U.S. jobs data, as investors brace for US jobs report this evening and aggressive rate hikes from the Federal Reserve. Likely resumption of Russian gas supplies to Europe stabilised sentiments in Europe.

Nifty had a small range trading session on Sept 02 ahead of the US jobs report due in the evening. It made a higher bottom compared to the previous day. On a weekly basis too, Nifty was down just 0.11% after a very weak opening on Monday. Nifty needs to break out of 17401-17778 band for further cues on directions.

Source : Equity Bulls

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