Investors wealth increased by nearly ₹2 lakh crore today - HDFC Securities

View on Market Performance - Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

After gap up opening of more than 70 points, Nifty extended the rise and hit day's high at 19515. Nifty failed to surpass recent high of 19523 and fell more than 90 points from the day's high in the second half. Finally nifty ended the session with 84 points gain at 19439.BankNifty underperformed Nifty by falling for the third consecutive session.

After underperformance of yesterday, Nifty Midcap 100 and Nifty Small cap 100 Index outperformed the Benchmark Indices today where they gained by 0.90% and 1.26% respectively. Nifty Smallcap Index closed at the highest level of the current upward rally. Advancing shares outnumbered the declining shares as advance decline ratio stood at 1.27 on BSE.

Market volumes were higher as compared to last ten-day average. Amongst the sectoral Indices, Nifty Auto, Consumer durable and Healthcare gained the most while Nifty Financial services and Nifty Bank were major losers.

Global Markets are awaiting US inflation data on Wednesday to see if price pressures are continuing to moderate, which could provide clues on the interest rate outlook.

Range of 19300-19523 needs to be tracked as a support and resistance for Nifty. Any level above 19523 would resume an uptrend, while level below 19300 could lead to correction.

Source : Equity Bulls

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MarketPerformance Nifty Sensex HDFCSecurities