Market Commentary

Daily Markets Wrap - Aug 30, 2023 - HDFC Securities

Posted On : 2023-08-30 20:47:03( TIMEZONE : IST )

Daily Markets Wrap - Aug 30, 2023 - HDFC Securities

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

Nifty barely managed to close higher for the third consecutive session on Aug 30. At close, Nifty was up 0.02% or 4.8 points at 19347.5. Volumes on the NSE came back to being normal. Broad market indices outperformed the Nifty even as the advance decline ratio stood high at 1.85:1.

Global shares started higher on Wednesday, boosted by a Wall Street rally that came on positive reports on consumer confidence and job openings. However European stocks fell after the latest round of price data suggested inflation may not yet be fully on the retreat in the euro region. Asian markets too gave up some of their morning gains.

Non-food bank credit rose 19.7% year-on-year to over Rs 148 lakh crore as on Aug. 11, primarily driven by the merger between Housing Development Finance Corp. and HDFC Bank Ltd. The credit growth number would have been 14.8% without taking the $40-billion merger into account. This is below the trend of over 15% banks have been recording over the last year or so.

Nifty closed higher on Aug 30 but failed to hold on to most of the intra day gains. It has formed a bearish counter attack line; however as this comes after a small rise, the bearish impact is limited. Nifty could now stay in the 19306-19472 band for the near term.

Source : Equity Bulls


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