Daily Markets Wrap - Oct 11, 2022 - HDFC Securities

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

Indian markets fell for the third consecutive day, dropping 1.5% or 257.45 to close at 16983, below psychologically important 17000 level. Indian Indices tanked sharply in the final hour of trade. Reliance Industries Ltd. contributed the most to the index fall, decreasing 2%. Most Asian markets like Nikkei, Kospi and Hang Seng witnessed a sharp decline. Stocks were under tremendous pressure with tech stocks feeling the heat of import limits imposed by the US on semiconductor and chip-making equipment.

Broad market indices fell more where Nifty Midcap 100 and Small cap 100 fell by 1.7% each. Declining shares outnumbered the advancing shares where advance decline ratio stood at 0.46 on BSE. Volumes were higher side where cash market volumes on NSE stood higher by 17% as compared to yesterday. However, it was lower by 5% as compared to average of last 10 days.

Indicators and oscillators have turned bearish on the short-term charts. Below 16900, Nifty could drag towards next supports of 16750 and 16600. Resistance for Nifty has shifted down to 17300 levels. All the sectoral Indices ended in the red with Nifty reality (-3%), Metal(-2.2%) and Media (-2%) were major losers.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex