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Market Commentary
Post Market views - April 11, 2023 - Reliance Securities
Posted On : 2023-04-11 19:29:12( TIMEZONE : IST )
Mr. Mitul Shah - Head of Research at Reliance Securities.
Indian equities ended higher amid mixed cues in global markets ahead of major earnings outcomes this week. Nifty was up 0.6% while broader markets moved largely in tandem with the main index as Nifty Mid Cap and Nifty Small Cap were up 0.5% and 0.4% respectively. Majority of sectoral indices ended in green. Nifty Metal was the major gainer, up 1.8% followed by Nifty PSU Bank which was up 1.6%. Nifty IT (-1.3%) and Nifty Consumer Durables (-0.4%) were the major laggards. Meanwhile, inadequate rainfall in certain parts of the country is likely to impact agriculture which primarily depends on the monsoon rains.
U.S. stocks wavered and reversed early-session losses after the release of Friday's jobs report showed continued strength in the labor market. The S&P 500 climbed 0.1%, while the Dow Jones Industrial Average added 0.3%. The technology-heavy Nasdaq Composite dipped 0.03%. Government bonds yields were higher. The yield on the 10-year note climbed to 3.42%. On Friday, data also showed that the unemployment rate was steady at 3.5%, while the labor force participation rate climbed to a post-COVID era high of 62.6%.
Investors will now await the earnings outcome of the March quarter which will start trickling in from this week. The 4QFY23 earnings season begins this week with TCS due to report on Wednesday followed by Infosys on Thursday. Investors will closely watch out for management commentary on the demand environment for Indian IT services in the backdrop of the banking crisis and the slowing economic environment. The March inflation and the February IIP data will also come out this week. While the Indian economy still has some macroeconomic bottlenecks, overall it has been resilient despite the turbulent global environment. However, impending recession in the US, higher crude prices along with the prospect of a below normal monsoon could act as headwinds for the Indian markets.
