Daily Markets Wrap - Oct 3, 2022 - HDFC Securities

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

Nifty continued its down move on Oct 03 after a one day reprieve on Friday. Nifty opened flat and kept falling except for a brief while in late morning. At close, Nifty was down 1.21% or 207 points at 16887.4.

Among sectors, Healthcare & Telecom were the only gainers while Power, Auto and FMCG fell the most. Smallcap index outperformed falling only 0.54% even as the advance decline ratio was negative at 0.53:1.

Asian stocks retreated on Monday as inflation and interest-rate worries lingered, and oil prices spiked on speculation over OPEC+ cutting production substantially this week.

European stock markets traded sharply lower Monday, weighed by renewed regional energy concerns, political turmoil in the U.K., and worries about the health of Swiss banking giant Credit Suisse. UK's Finance Minister Kwasi Kwarteng announced Monday that he has abandoned plans to cut the top rate of income tax, a move that had contributed towards sharp falls in the pound and U.K. bonds.

India's manufacturing activity lost some momentum in September, but cost pressures continued to recede. The S&P Global India Manufacturing PMI edged down to 55.1 from 56.2 in August. In September, purchasing costs rose at the slowest pace in just under two years, while output charge inflation receded to a seven-month low.

Nifty now has supports on the downside at 16747. A sustained move below this level could lead to accelerated falls. On upmoves, 17094-17114 band could offer resistance.

Source : Equity Bulls

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