Market Commentary

Daily Markets Wrap - Jan 16, 2023 - HDFC Securities

Posted On : 2023-01-16 18:52:25( TIMEZONE : IST )

Daily Markets Wrap - Jan 16, 2023 - HDFC Securities

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

Nifty closed in the negative on Jan 16 after making lower tops lower bottoms. Metal stocks came under selling pressure as China pledged to tighten supervision on pricing of iron ore after the metal's surge in recent months. At close, Nifty was down 0.34% or 61.8 points at 17894.9.

Global markets were flat to mildly positive, following the broadly positive cues from global markets on Friday offset by concerns of investors whether a rally in risk assets may be overdone given the outlook for inflation and economic growth.

India's Inflation, as measured by the Wholesale Price Index, stood at 4.95% in December - a 22 month low, compared to 5.85% in November. India's merchandise exports declined by 12.2 percent to $34.48 billion in December 2022, as against $39.27 billion recorded in the same month of the preceding year. This comes after a 0.6 percent rise in exports in November and a 12 percent contraction in October.

Nifty once again failed to build on to gains. It could stay in the 17994-17774 band in the near term.

Source : Equity Bulls


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