Daily Markets Wrap - April 19, 2023 - HDFC Securities

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

Nifty fell for the third consecutive session on April 19 pulled down by mixed global cues. At close, Nifty was down 0.23% or 41.4 points at 17618.8. Volumes on the NSE were on the lower side. Smallcap index ended minorly in the positive even as the advance decline ratio dipped below 1:1 (at 0.91:1) after almost 3 weeks.

Global stocks drooped in cautious trade on Wednesday, as expectations for an imminent peak in the Federal Reserve's interest rate cycle edged ahead of U.S. banking sector concerns. Sentiment remained muted ahead of release of the Fed's Beige book which would provide glimpses into the economic landscape in the U.S. A sticky inflation print in the UK brought price pressures back to the fore.

Nifty fell for the third consecutive session but did not breach the low of the first day of fall. This keeps open the possibility of the fall in the broader indices coming to an end soon. Nifty could stay in the 17533-17729 band for the near term.

Source : Equity Bulls

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