Post Market views - March 10, 2023 - Reliance Securities

Mr. Mitul Shah - Head of Research at Reliance Securities.

Indian equities ended lower amid weak global cues with slackness across sectors. Nifty was down 1.0%. Broader markets also ended in red as Nifty Mid Cap and Nifty Small Cap lost 0.8% and 0.9% respectively. All sectoral indices ended in red except Nifty FMCG (+0.2%) and Nifty Consumer Durables (+0.3%). Nifty PSU Bank was the major laggard, falling 2.2% followed by Nifty Bank and Nifty Pvt Bank which were lower by 1.9% and 1.8% respectively.

U.S. stocks fell after the weekly jobless claims data showed that the labour market is still strong, complicating the picture for the Federal Reserve's rates path. The S&P 500 was down 1.8%. The tech-focused Nasdaq plunged 2.1%, and the Dow Jones dropped 1.7%. In bond markets, the yield on the benchmark 10-year Treasury note cooled down to 3.84% from 3.974% on Wednesday. The Labour Department said that worker filings for U.S. unemployment benefits jumped more than 10% last week. But jobless claims are still historically low as demand for labour surpasses the number of people looking for work. The monthly jobs report, which is closely watched by investors, will be released today.

The market will closely track global cues as well the India inflation data due next week. The current heatwave and the unseasonal rains have led to crop damage and is likely to keep food inflation higher in the coming months.

Source : Equity Bulls

Keywords

PostMarketViews Nifty Sensex RelianceSecurities