Market Commentary

Daily Markets Wrap - Dec 7, 2023 - HDFC Securities

Posted On : 2023-12-07 18:16:59( TIMEZONE : IST )

Daily Markets Wrap - Dec 7, 2023 - HDFC Securities

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

Nifty snapped a seven-day gaining streak on Dec 07 to end marginally lower. At close, Nifty was down 0.17% or 36.6 points at 20901.2. Cash market volumes on the NSE remained above Rs.1 lakh cr. Broad market indices ended in the positive - outperforming the Nifty even as the advance decline ratio improved to 1.34:1.

Shares fell Thursday in Asia after a retreat on Wall Street as crude oil prices slipped on expectations that supply might outpace demand and amid speculation that the Bank of Japan will soon scrap the world's last negative interest-rate regime.European shares took a breather on Thursday after strong gains recently, as investors grew wary of an economic downturn after weak German data and awaited the eurozone's GDP print.

China's November trade numbers surprised expectations, with exports climbing 0.5% and imports falling 0.6% year on year. Economists polled by Reuters expected a 1.1% year-on-year drop in exports and a 3.3% climb in imports. The trade surplus for the world's second-largest economy also widened to $68.39 billion, beating forecasts of $58 billion.

Nifty remained in a narrow 91 point range on Dec 07 and that too within the high low range of the previous day. On the 8th day of upmove, Nifty ended lower, as expected. Nifty could now remain in the 20961-20711 band over the near term.

Source : Election Commission of India


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