Market Commentary

Daily Markets Wrap - March 10, 2023 - HDFC Securities

Posted On : 2023-03-10 20:07:30( TIMEZONE : IST )

Daily Markets Wrap - March 10, 2023 - HDFC Securities

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

Nifty closed in the red for the second consecutive session on March 10, pulled down by negative global cues. At close, Nifty was down 1% or 176.7 points at 17412.9. Volumes on the NSE continued to be on the lower side. Broad market indices fell less than the Nifty even as advance decline ratio fell more to 0.60:1.

European and Asian equities dropped on Friday as fears over the health of banks' bond portfolios (reflected in troubles emanating at a Silicon Valley-based lender) compounded investors' nervousness ahead of the publication of key US jobs data and next week's US Fed meet.

U.K. gross domestic product rose 0.3% in January, an improvement from the hefty drop of 0.5% in December, with this resilience in the face of soaring prices and industrial unrest boosting hopes the country's economy may avoid a lengthy recession.

The latest India mutual fund data for February reveals that debt funds witnessed an increased outflows worth Rs 13,815 crore, while equity funds registered a net inflow of Rs 15,657 crore. This is the 24th month in a row when inflows into equity funds stayed positive. The net inflow into equity funds has been highest since May.

Nifty fell as expected with a gap down but did not close at the intra day low. On weekly charts Nifty ended 1.03% lower after a positive week. Outcome of the US Jobs report on Friday evening could impact the near term trend of Nifty. Upgap support of 17328 has been repeatedly tested. A couple of more testings could result in that support being breached. 17573-17672 could be tough to breach for the Nifty in the near term.

Source : Equity Bulls


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