Market Commentary

Daily Markets Wrap - Jan 13, 2023 - HDFC Securities

Posted On : 2023-01-13 19:19:15( TIMEZONE : IST )

Daily Markets Wrap - Jan 13, 2023 - HDFC Securities

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

Nifty bounced up after a weak first hour on Jan 13 and closed at its highest in 4 sessions. At close, Nifty was up 0.55% or 98.4 points at 17956.6. Broad market indices rose less than the Nifty even as the advance decline ratio rose to 1.37:1. IT stocks rose post the recent encouraging results and guidance from frontline companies.

Global stocks were largely up and at multi month highs on the prospect of a less hawkish Federal Reserve this year after data showed U.S. consumer inflation eased as expected in December. Stronger than expected GDP growth for November from UK also helped.

China's exports fell further in December as global demand continued to drop off, adding to pressure on the economy as it charts a hasty, uncertain path out of Covid Zero. Exports in US dollar terms fell 9.9% in December from a year earlier beating economists' estimate for a 11.1% drop. Imports shrank 7.5%, better than the median estimate of a 10% drop. That left a wider trade surplus of $78 billion last month.

Nifty once again took support from 17774, raising the importance of that level. Despite relentless selling by FPIs, Nifty has been able to remain stable in a wide band, helped by local flows. On a weekly basis, Nifty rose 0.54% after a negative week. Nifty seems headed towards 18127-18256 band over the next few sessions provided the 17774 level is protected.

Source : Equity Bulls


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