Market Commentary

Daily Markets Wrap - Nov 16, 2023 - HDFC Securities

Posted On : 2023-11-16 17:00:25( TIMEZONE : IST )

Daily Markets Wrap - Nov 16, 2023 - HDFC Securities

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

Nifty pared gains in the last 45 minutes of trade after rising over 1% on November 16 as global markets paused after rising for the past few days. At close, Nifty was up 0.46% or 89.8 points at 19765.7. Volumes on the NSE fell compared to the previous day. Broad market indices rose a little more than the Nifty even as the advance decline ratio remained firm at 1.12:1.

The Indian pharmaceutical sector reported 17% year-on-year growth in October, driven by 14% unit growth and supported by a recovery in key acute therapies. Acute therapies during the month grew 18% year-on-year, supported by 9% volume growth.

The Indian Government on Thursday cut the windfall profit tax on crude oil produced in the country and on exports of diesel in line with softening international oil prices. The tax, levied in the form of Special Additional Excise Duty or SAED, on domestically produced crude oil has been reduced to Rs 6,300 per tonne from Rs 9,800 per tonne, according to an official notification. SAED on the export of diesel was reduced to Re 1 per litre from Rs 2 per litre.

Most equity markets fell Thursday as investors took a breather and cashed in on a recent rally, though analysts said the outlook was bright, even as data pointed to a soft landing for the world's top economy.

Traders also assessed China president Xi Jinping's comment that his country will not fight a cold, or a hot, war with the US as a sign Beijing is intent on repairing recently soured relationship with the US.

Nifty rose on November 16 but could not hold on to the entire gains. It could keep facing resistance from 19850 in the near term, while 19580 could offer support.

Source : Equity Bulls


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