Market Commentary

Daily Market Wrap - June 9, 2023 - HDFC Securities

Posted On : 2023-06-09 18:06:16( TIMEZONE : IST )

Daily Market Wrap - June 9, 2023 - HDFC Securities

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

Nifty declined for the second day on June 09 after swinging between gains and losses through the day. At close Nifty was down 0.38% or 71.2 points at 18563.4. Broad market indices closed flat, outperforming the Nifty even as the advance decline ratio fell to 0.86:1.

Most Asian stocks rose on Friday, as weak U.S. labor data ramped up bets on a pause in the US Fed's rate hike cycle, although disappointing inflation readings from China capped broader gains. European stocks slipped at the open on Friday as traders were cautious ahead of the policy meetings of key central banks next week.

Inflows into Indian equity mutual funds slumped by 50 percent in May to Rs 3,240.30 crore as investors took some money off the table. May equity inflows have been the lowest since November 2022, when the number stood at around Rs 2,500 crore. Despite the fall, equity fund inflows have remained in the positive zone for 27 straight months now. Monthly contributions to the SIP increased 7.44% to Rs 14,749 crore in May.

Nifty fell for the second consecutive session on June 09. It gained 0.16% over the week after giving up the gains early in the week. It formed a bearish pattern on weekly charts. A close below 18508 could result in acceleration in the downtrend. On upmoves, 18726 could act as a resistance.

Source : Equity Bulls


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