Market Movements
Nifty remained volatile during the day, it found resistance around 17300. In Morning Nifty opened at 17,094.35 of 220.35 points down from previous close on Friday. However, shows a rebound of around 200 points after 10 am with 9 consecutive 15 minutes green candles.
It goes high up to 17,280.15 but unable to cross the previous day close & finally closes at 17,241 down by 73.65 points or 0.43% from previous close.
Markets are highly showing resilience the weak global environment however traders are facing tough times due to intermediate volatility. And, now with the beginning of the earnings season, we expect the choppiness to remain high.
Domestic Market is Affected by:
Domestic Market is mainly affected by the fear of an aggressive rate hike by the Fed on the back of strong employment data in the US, disrupted the global equity trend.
Inflation in the US is forecasted to stay high given low supply and high demand scenarios.
In addition, rising crude prices and depreciating rupee is increasing the risk of imported inflation in India, also affecting the domestic market.
Gainers & Losers
Tata Motors, Tata Consumer Products, Hero MotoCorp, Asian Paints, and ITC were among the top Nifty losers.
Axis Bank, TCS, HDFC Life, Eicher Motors and Maruti Suzuki were the top Nifty gainers.
Except the IT Sector all other sectoral indices ended lower with FMCG, Capital goods & power.
