Market Commentary

Daily Markets Wrap - April 13, 2023 - HDFC Securities

Posted On : 2023-04-13 23:07:47( TIMEZONE : IST )

Daily Markets Wrap - April 13, 2023 - HDFC Securities

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

Nifty closed marginally higher for the ninth consecutive session on April 13 after recovering from morning selloff. At close, Nifty was up 0.09% or 15.60 points at 17828. In the process Nifty touched a 7 week high. Smallcap index outperformed the Nifty even as the advance decline ratio managed to stay above 1 at 1.21:1.

Global stock markets were mixed Thursday as investors digest key inflation data out of the U.S. released Wednesday and the prediction of US Fed members about a mild recession in the US later this year.

Net inflows into open-ended equity funds in India during the month came in at Rs 20,190 crore, which was the highest in over a year's period. In the previous month, net equity inflows had stood at Rs 15,657 crore.

India's March Imports stood at USD 58.11 billion versus USD 63.09 billion and exports were at USD 38.38 billion versus USD 44.57 billion, YoY. Trade Deficit stood at USD 19.73 billion against USD 18.52 billion, YoY and $17.43 bn MoM.

Nifty made a marginally higher top on April 13 compared to the previous day and managed to close higher. It could make some more attempts to rise in the coming sessions, however profit taking after such a relentless rise may be expected. Nifty could face resistance in the 17884-17925 band while 17717 could offer support for the near term.

Source : Equity Bulls


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