Market Commentary

Daily Markets Wrap - May 11, 2023 - HDFC Securities

Posted On : 2023-05-11 22:46:04( TIMEZONE : IST )

Daily Markets Wrap - May 11, 2023 - HDFC Securities

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

Nifty ended a volatile day lower on May 11. At close, Nifty was down 0.10% or 18.1 points at 18297. Broad market indices ended in the positive even as the advance decline ratio closed at a healthy 1.63:1.

Asian shares were mostly lower on Thursday as investors fussed about growing deflationary pressures in China, while a standoff over the U.S. debt ceiling overshadowed a meeting of G7 finance leaders. European stocks rose at the open on Thursday, lifted by an overnight rally on Wall Street, as traders awaited an expected interest rate rise (for the 12th consecutive time) from the Bank of England.

Inflows into open-ended equity mutual funds slumped 70 percent to Rs 6,480.29 crore in April over the previous month. In April, fresh investments via SIPs stood at Rs 13,727.63 crore compared with March at Rs 14,276 crore, a fresh all-time high then.

Nifty made a higher high and higher bottom compared to the previous session but closed lower. Largecaps keep reacting to unexciting results while the broader market is doing well. Nifty could stay in the 18211-18390 band for the near term.

Source : Equity Bulls


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