Market Commentary

Daily Markets Wrap - March 13, 2023 - HDFC Securities

Posted On : 2023-03-13 16:41:03( TIMEZONE : IST )

Daily Markets Wrap - March 13, 2023 - HDFC Securities

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

Nifty fell for the third consecutive session on March 13, pulled down by banking issues in the US. At close, Nifty was down 1.49% or 258.6 points at 17154.3. Broad market indices fell more than the Nifty as investors unloaded the small and midcaps fearing longish period of downmove.

The collapse of startup-focused Silicon Valley Bank continued to batter European and some Asian markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.The slide in stocks comes despite news that HSBC had agreed to buy the British arm of the troubled U.S. tech startup-focused lender for £1.

Goldman Sachs Group Inc. economists said they no longer expect the Fed to deliver a rate increase next week. The risk of a banking crisis highlights the tension between Fed efforts to cool the economy and tame inflation with increasing concerns that 4.5 percentage points of rate hikes in the space of a year will trigger a recession and a collapse in riskier assets.

Nifty ended at the lowest since mid October. A breach of 17087 level on the Nifty could result in a fall towards 16747. Upmoves could face resistance at 17325.

Source : Equity Bulls


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