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Below is the Daily Market Analysis 22 April 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets reversed yesterday’s gain and shed nearly one and a half percent following weak global cues. The hawkish statement from the US Fed dented sentiment globally including in our markets. The benchmark, after the gap down start, tried to recoup some of its losses in the middle but selling pressure in the latter half pushed the index to the day’s low. Finally, the Nifty index closed at 17,171; down by 1.3%. In line with the trend, mostly sectoral indices ended in the red wherein metal, banking and healthcare were the top losers. 

Markets will react to the ICICI Bank numbers in early trade on Monday. Besides, global cues like updates on the Russia-Ukraine crisis, and China’s COVID situation will also remain on the participants’ radar. The slide in the Nifty index has faded hopes for a directional move and we may see further consolidation ahead. Amid all, participants should maintain focus more on stock selection and overnight risk management

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