Market Commentary

Daily Markets Wrap - Oct 10, 2022 - HDFC Securities



Posted On : 2022-10-10 21:34:43( TIMEZONE : IST )

Daily Markets Wrap - Oct 10, 2022 - HDFC Securities

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

Nifty declined for a second day in a row on Oct 10, but recovered to pare losses from a gap-down opening. Nifty opened gap down and after making an intra day low at 1000 Hrs, it recovered with some hiccups in between. At close, Nifty was down 0.43% or 73.6 points at 17241.

Volumes on the NSE were at the lower range of recent days. Among sectors, IT was the main gainer while Power, Consumer Durables and FMCG indices fell the most. Broad market indices fell more even as the advance decline ratio fell to 0.50:1.

Asian stocks fell sharply on Monday, with Chinese chipmakers leading declines on new U.S. trade curbs, while broader sentiment was dented by fears of more hawkish measures from the Federal Reserve. A rebound in Covid cases in China amplified the downbeat tone. Chinese investors returned from a week-long holiday to tighter restrictions on American technology. The US measures include restrictions on the export of some types of chips used in artificial intelligence and supercomputing, and also tighter rules on the sale of semiconductor equipment to any Chinese company.

Equity mutual funds in India saw a net inflow of Rs 14,099.73 crore in September compared with inflow of Rs 6119.58 crore in August.

Nifty recovered well from the opening lows by taking support from the 10 day moving average. In the process it also filled the upgap made on Oct 04, nullifying the large bullishness. Nifty could stay in the 17102-17337 band for the near term.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex