Daily Markets Wrap - July 1, 2022 - HDFC Securities

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

Nifty on July 01 recovered most of the morning losses caused by the imposition of duties on crude oil and petroleum products this morning. Nifty opened gap down and fell making an intra day low at 1015 Hrs. It later recovered and closed marginally in the red. At close, Nifty was down 28.2 points or 0.18% at 15752.1.

Volumes on the NSE were a little higher than recent average. Among sectors, Realty and FMCG indices rose the most, while Oil & Gas index fell the most. BSE Midcap index outperformed rising 0.67%.

Asian markets struggled again Friday following another selloff on Wall Street fuelled by recession fears. European equities were steady Friday after two days of declines as investors look ahead to a busy month of earnings amid concerns over a slowing economy.

Eurozone manufacturing PMI came in at 52.1 in June, down from 54.6 in May, but falling by less than expected. A gauge of activity across India's manufacturing sector dropped but remained in the expansion zone. The India Manufacturing Purchasing Managers' Index stood at 53.9 in June against 54.6 in May. Power consumption in India grew by 17.2 per cent year-on-year to 134.13 billion units (BU) in June, amid severe heat and spurt in economic activities. Gross Goods and Services Tax (GST) collections in India rose to Rs 1.45 lakh crore, the second-highest monthly total and a gain of 56 percent from a year earlier.

Nifty has formed a bullish hammer pattern though its placement is not ideal. 15619-15861 could be the band for the Nifty in the near term.