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Market Commentary
Daily Markets Wrap - March 14, 2022 - HDFC Securities
Posted On : 2022-03-14 18:04:47( TIMEZONE : IST )
Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty closed with gains for the fifth consecutive day on March 14, marking the longest winning streak in nearly five months. Nifty opened flat and started to rise post 1020 Hrs. At close, Nifty was up 1.45% or 240.8 points at 16871.3. In the process, Nifty was the best performer in the Asian region.
On a day when the volumes on the NSE were higher than the previous day but lower than the recent average, IT, Banks and Auto indices rose the most, while Realty and Oil & Gas indices fell the most. BSE Smallcap index rose 0.31% while Midcap index closed almost flat.
There were some serious divergences in Asian equity markets on Monday as China concerns buffet some markets, while others rise on lower oil and Ukraine negotiation hopes. European stock markets traded higher Monday on raised hopes for a diplomatic solution to the Ukraine war, but investors remain wary as fighting continues, a number of central banks hold meetings this week and Covid returns to China.
China's decision to place the over 17 million residents of Shenzhen, the country's technology hub, into lockdown for at least a week after Covid cases soared once more. This has the potential to weigh heavily on economic growth in China, as well as further disrupt global supply chains.
India's inflation based on the Wholesale Price Index (WPI) rose to 13.11 percent year on year in February from 12.96 percent in January. WPI inflation was 4.83 percent in February 2021. This is the 11th consecutive month in which WPI has been in double digits.
India's trade deficit widened as imports rose. The gap rose to $20.88 billion in February from $17.42 billion in the preceding month, according to data by the Ministry of Commerce and Industry on Monday. Exports rose 25.1% year-on-year and 0.2% over the previous month to $34.57 billion. Imports rose 36.1% year-on-year and 6.8% over the preceding month to $55.45 billion.
Nifty rose smartly on Monday even with a negative advance decline ratio. This suggest that the selling pressure from FPIs is waning and the largecaps have started to outperform. This upward momentum can continue for a few sessions. 16757-17027 could be the band for the Nifty in the near term.