Market Commentary

Daily Markets Wrap - March 14, 2023 - HDFC Securities

Posted On : 2023-03-14 19:16:08( TIMEZONE : IST )

Daily Markets Wrap - March 14, 2023 - HDFC Securities

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

Nifty fell for the fourth consecutive session on March 14, pulled down by ongoing banking crisis in the US. At close, Nifty was down 0.65% or 111 points at 17043.3. Volumes on the NSE were marginally better than the recent past. Smallcap index fell more than the Nifty even as the advance decline ratio was down at 0.49:1.

Asia-Pacific markets tumbled and European markets were mixed on Tuesday, after sharp losses seen overnight on Wall Street as investors grappled with the fallout of failed banks in the U.S and an uncertain path forward for monetary policy. Investors will be keeping a close watch on the U.S. consumer price index for February, due to be released Tuesday.

India's Wholesale Price Index (WPI) cooled down in February for the ninth consecutive month to 3.85 percent. Fall in the prices of manufactured goods, fuel, and power drove lower wholesale price inflation.

Nifty continued to fall as expected, but the pace of fall and the breadth of fall has reduced. This hints at a near term bottom formation/reversal soon. Nifty could stay in the 16788-17160 band for the near term.

Source : Equity Bulls


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