Market Commentary

Daily Markets Wrap - Sep 13, 2023 - HDFC Securities

Posted On : 2023-09-13 19:45:46( TIMEZONE : IST )

Daily Markets Wrap - Sep 13, 2023 - HDFC Securities

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

Nifty rose on Sept 13 to close above 20000 for the first time ever. At close, Nifty was up 0.38% or 76.8 points at 20070. Volumes on the NSE were a bit lower than recent average. Smallcap index rose more than the Nifty even as the advance decline ratio rose sharply to 1.94:1. Markets witnessed a broad based recovery.

Global equities were mostly lower Wednesday as investors desisted from big bets ahead of a key inflation reading in the US that could provide some clarity on an inflation outlook, complicated by a spike in oil prices, and its effect on interest rates. U.K. gross domestic profit fell by 0.5% in July, below the 0.2% contraction forecast in a Reuters poll of economists. Europe's Stoxx 600 retreated 0.7% as stagflation concerns mounted.

Nifty advanced smartly and recovered from the losses from the previous day's highs. The momentum in the Nifty and the broad market can continue except for a very negative inflation report from US this evening that could puncture the global markets. Nifty could stay in the 19865 - 20140 band for the near term.

Source : Election Commission of India


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