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Below is the Views On Daily market quote by Mr. Deepak Jasani, Head Retail Research, HDFC securities
Markets corrected sharply on Friday after the pullback rally seen last week. The Nifty index ended 183.8 points or 1.65% lower at 10,925.85. The market gave up all its intraday gains in the second half and ended near day's low. Indian equity indices registered their worst fall in over a month following the declines in Asian peers as turmoil in Hong Kong and Argentina spooked investors.
Broad market indices like the BSE Mid Cap index lost more, thereby underperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE. Sectorally, the top gainer was the BSE Oil and Gas index. The top losers were the BSE Telecom, Auto, Capital Goods and Power indices.
Reliance Industries shares closed 9.7% higher at Rs 1,274.7 after the firm made a slew of disruptive announcements and a plan to achieve a net debt of zero within the next 18 months. Asian and European shares slumped on Tuesday as fears about a drawn out Sino-U.S. trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the yen.
Technically, with the Nifty correcting sharply and erasing a major part of the gains seen last week, the bears seem to have made a comeback. Further downsides are likely once the immediate support of 10904 is broken. Any pullback rallies could find resistance at 11042.
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475
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