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Market Commentary
Post Market views - April 20, 2023 - Reliance Securities
Posted On : 2023-04-20 20:48:25( TIMEZONE : IST )
Mr. Mitul Shah - Head of Research at Reliance Securities.
Indian equities ended flat while investors assess a slew of earnings results. Nifty was marginally up 0.03%. Nifty Mid Cap also ended flat and Nifty Small Cap was up 0.2%. Most of the sectoral indices ended in red. Nifty Pharma and Nifty Healthcare were the biggest laggards tumbling 1.1% and 0.9% respectively followed by Nifty Metal, down 0.4%. Nifty Consumer Durable was the primary gainer, up 0.4% followed by Nifty Pvt Bank which ended 0.3% higher.
The U.S. stocks fluctuated between minor losses and gains as investors digested the latest results from US banks and streaming giant Netflix. The S&P 500 and the Nasdaq finished flat while the Dow Jones fell 0.2%. The yield on 10-year Treasury increased to 3.6%. Morgan Stanley's first-quarter results showed a drop in earnings following a slowdown in deal-making. Meanwhile, UK now has Western Europe's highest rate of consumer price inflation after it fell by less than expected in March to 10.1% in March from February's 10.4%. Eurozone CPI continued to fall with March inflation at 6.9% YoY vs 8.5% in February. Oil prices fell further in early Asian trade on Thursday, as markets reassessed their outlook for demand this year amid signs of cooling economic growth and growing bets on more rate hikes from major central banks. Brent crude is now trading at $82.3/barrel.
The 4QFY23 earnings season will pick up pace in the coming weeks. Meanwhile, mixed signals are emerging from the US, Europe and Chinese economic data. Inflation although declining, continues to run high in US and Europe. Initial signs of recession are emerging from the US jobs data and the TCS and Infosys management commentary. In India, inflation has eased while growth is steadily picking up pace led by accelerated govt capex and PLI investments. Services exports are strong offsetting the slowdown in the merchandise exports and boosting India's forex reserves. In the coming weeks, investors will parse the earnings outcome of the March quarter and closely follow the management commentary for further cues.