Daily Market Analysis 03 March 2022 By Ajit Mishra, Religare Broking
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Below is the Daily Market Analysis 03 March 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets remained volatile and settled with a cut of over half a percent, in continuation to the prevailing trend. Firm global markets triggered an uptick in early trade but it couldn’t sustain for long and gradually slipped lower as the day progressed. Consequently, Nifty closed around the day’s low to settle at 16,498 levels; down by 0.65%. A mixed trend was witnessed on the sectoral front wherein energy, IT, and metal witnessed decent traction while auto, banking, and FMCG traded lackluster.
Markets are punishing sectors/stocks which are heavily dependent on oil while metal and select energy stocks are playing savior. We’re seeing a kind of balancing act in the index however negativity in the banking space may result in a fresh fall ahead. We reiterate our cautious stance and suggest preferring a hedged approach.
Above views are of the author and not of the website kindly read disclaimer
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