Daily Markets Wrap - Sep 26, 2022 - HDFC Securities

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

Nifty fell for the fourth consecutive session on Sept 26 driven down by weak global cues and a falling Rupee. Nifty opened the gap down and kept falling to make an intra-day low at 1110 Hrs. After a brief upward bounce, this level was retested in the last half hour of trade. At close, Nifty was down 1.80% or 311 points at 17016.3.

Among sectors except IT, all other sectors ended in the negative with Realty, Metals, Power, Oil & Gas and Auto leading the down move. The broad markets underperformed with Midcap and Small cap indices falling 2.84-3.33% and the advance-decline ratio ending at a weak 0.12:1.

Global risk assets including equities extended their selloff on Monday as fears of faster inflation and global recession continued to rise.

The Chinese government raised the foreign exchange risk reserve requirements for financial institutions to stem a drop in the yuan, making it more expensive for traders to short the currency.

S&P Global ratings have retained India's growth outlook at 7.3 per cent for the fiscal year 2022-2023 and 6.5 per cent for the next fiscal year, although it sees the risks tilted to the downside.

Nifty has broken the important support of 17166 and now is on the verge of breaking 17000. 16947 and 16794 are the next supports for Nifty while 17166 could be the resistance in the near term.

Source : Equity Bulls

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