Post Market views - March 9, 2023 - Reliance Securities

Mr. Mitul Shah - Head of Research at Reliance Securities.

Indian equities ended lower amid mixed global cues while Adani Group stocks came under selling pressure. Nifty was down 0.9%. Broader markets also ended in red as Nifty Mid Cap and Nifty Small Cap lost 0.6% and 0.5% respectively. All of the sectoral indices ended in red. Nifty Auto was the major laggard, falling 1.8% followed by Nifty Consumer Durables which plunged 1.2%. Nifty Realty and Nifty PSU Bank were lower by 1.2% and 1.1% respectively.

U.S. stocks fell, wobbling between small gains and losses as investors parsed a second day of congressional testimony from Fed Chair Jerome Powell and further data suggesting that the labour market remains hot. The S&P 500 ended 0.1% higher while the Nasdaq rose 0.4%. The Dow Jones slipped 0.2%. Mr. Powell said that the central bank would keep its options open about future rate increases and that coming economic data would strongly influence the rate decision at the Fed's March 21-22 meeting. The U.S. private sector added 242,000 jobs in February, according to the ADP employment report. The yield on the benchmark 10-year Treasury note reversed earlier declines and ended higher at 3.983%.

Meanwhile, CMIE data showed that unemployment rate in India rose to 7.45% in Feb'23 from 7.14% in Jan'23. The market will closely track global cues in the absence of any major domestic triggers. The current heatwave and the unseasonal rains have led to crop damage and is likely to keep food inflation higher in the coming months.

Source : Equity Bulls

Keywords

PostMarketViews RelianceSecurities Nifty Sensex