Market Commentary

Daily Markets Wrap - March 3, 2023 - HDFC Securities

Posted On : 2023-03-04 11:29:15( TIMEZONE : IST )

Daily Markets Wrap - March 3, 2023 - HDFC Securities

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

Nifty rebounded sharply on Mar 03 after a down day aided by positive global cues. At close, Nifty was up 1.57% or 272.5 points at 17594.4. Broad market indices rose less than the Nifty even as advance decline ratio remained positive at 2.09:1. Bulk deals in Adani group stocks on Mar 02 attracting FPI buying seems to have improved market sentiments.

Most global stocks inched higher on Friday and started March on a high note as markets digested more signals on U.S. monetary policy and positive Chinese economic data.

India's services activity rose to a 12-year high in February as input cost pressures eased. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose to 59.4 in February from 57.2 in January. The Composite PMI rose from 57.5 in January to 59.0, highlighting a services-driven expansion.

Nifty rose sharply as expected and now could head towards 17772-17924 band. On falls 17468 and later 17303 could offer support. Breadth of the market needs to improve on a consistent basis and the broad market indices need to catch up with the frontline indices. Cyclical sectors are back in favour due to value buying by investors.

Source : Equity Bulls


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