Market Commentary

Daily Markets Wrap - March 17, 2023 - HDFC Securities

Posted On : 2023-03-17 18:58:04( TIMEZONE : IST )

Daily Markets Wrap - March 17, 2023 - HDFC Securities

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

Nifty ended higher for the second consecutive session on March 17 aided by positive global cues. At close, Nifty was up 0.67% or 114.5 points at 17100. Volumes on the NSE rose to much above the recent averages. BSE Smallcap index rose in line with the Nifty while Midcap index lagged even as the advance decline ratio rose sharply to 1.74:1.

Global equities gained Friday as government and institutional support to stem a potential banking crisis helped improve sentiments.

China's central bank cut the amount of money banks have to keep in reserve in an effort to stimulate the economy. The 0.25 percentage point cut will apply to almost all banks and take effect from March 27.

On a weekly basis, Nifty fell 1.8%, falling for the second consecutive week, though it recovered partly from the intra week low. Nifty could now continue the bounce and head towards 17255-17353 band while 16855 could offer support. Investor wariness about a potential banking crisis despite a lifeline offered, could restrict a fast upmove.

Source : Equity Bulls


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