Mr. Deepak Jasani, Head of Retail Research, HDFC Securities.
Nifty fell for the third consecutive session on July 13 after a good opening due to mixed global cues. At close, Nifty was down 0.57% or 91.65 points at 15966.65.
Among sectors, Healthcare and Metals were the main gainers while Power, Oil & Gas and Telecom were the main losers. Broad market outperformed even as the selling pressure was concentrated in largecaps. This is evident from the advance decline ratio of 0.95 and the fact that the BSE Midcap and Smallcap indices ended marginally in the positive.
Asian stock markets gained bolstered by a rebound in Chinese technology shares. European stocks slipped on Wednesday and the euro lurked just above parity against the dollar, as traders waited to see if U.S. inflation data later bolsters the case for another supersized Federal Reserve rate hike this month.
Nomura has lowered its India gross domestic product growth projection for 2023 by 70 basis points from 5.4% to 4.7% as economic recovery faces several headwinds. Nomura expects GDP growth of 7.2% in 2022.
Nifty could not hold on to early morning gains suggesting that some investors feel that the upward bounce is done for the time being. Nifty could now remain in the 15890-16058 band for the near term.