Daily Markets Wrap - Nov 3, 2022 - HDFC Securities

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

Nifty fell for the second consecutive session on Nov 03 following negative global cues. Nifty opened lower, but soon rose to make an intra day high at 1025 Hrs. It later fell and then remained in a range. At close, Nifty was down 0.17% or 30.15 points at 18052.7. Nifty was one of the best performers in the Asian region.

Among sectors Realty and Telecom led the gainers while Power & IT were the main losers. Broad market indices i.e. Smallcap and Midcap ended marginally in the positive even as the advance decline ratio ended at 0.94:1.

Asian stock markets tumbled after the United States Federal Reserve added to recession fears by saying it was not finished raising the country's interest rates to cool inflation. Chinese equities cut short a two-day rally amid uncertainty over the country's plans to scale back COVID lockdowns. European equities opened lower Thursday in a global selloff after the US Federal Reserve sprang another hefty interest rate hike and hinted they could go higher than expected, dampening hopes of a downshift in its aggressive fight against inflation.

India's services sector picked up pace in October as the Purchasing Managers' Index (PMI) for last month edged up from September's six-month low. Data released on November 3 by S&P Global showed the services PMI rose to 55.1 in October from 54.3 in September. The October print is the 15th month in a row that the services PMI has come in above the key level of 50.

Nifty opened lower and filled the upgap made on Nov 01. It however clawed back erasing almost all losses, outperforming most other markets. However it may find it difficult to go against the overall trend in case the selloff in other markets continue. Nifty could now face resistance in the 18106-18145 band while 17838-17899 band could offer support in the near term.

Source : Equity Bulls

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