Daily Markets Wrap - Aug 22, 2023 - HDFC Securities

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

Nifty swung between gains and losses on Aug 22 and closed almost flat despite supportive global markets. At close, Nifty was up 0.01% or 2.9 points at 19396.5. Volumes on the NSE continued to be on the lower side. Broad market indices gained 0.9-0.95% outperforming the Nifty even as the advance decline ratio remained firm at 1.79:1.

Global stocks extended their comeback rally on Tuesday. Asian stock markets snapped an eight-day losing streak on Tuesday, helped by a rebound in beaten-down Chinese shares. European stocks rose driven by a 1.8% jump in the tech sector on optimism surrounding the world's most valuable chipmaker Nvidia ahead of its quarterly results on Wednesday. Meanwhile in the US, benchmark 10-year yields climbed to 4.366% - their highest level since 2007 and up almost 40 bps month-to-date.

Nifty failed to build on the gains of the previous session and witnessed a 62 point high low range, which is the smallest since June 05, 2023. 19310-19483 could be the trading band for the Nifty in the near term.