Daily Markets Wrap - April 3, 2023 - HDFC Securities

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

Nifty ended marginally higher on the first day of the new fiscal year after a mild range volatile trade. At close Nifty was up 0.22% or 38.3 points at 17398.1. Volumes on the NSE were on the lower side. Broad market indices rose more than the Nifty as fund activity remained low. Advance decline ratio was sharply positive at 3.28:1.

Most global markets crept higher on Monday as risk appetite persisted on softer-than-expected U.S. inflation readings from the prior week, although a spike in oil prices saw markets remain wary of a potential resurgence in inflation over the coming months. Oil prices rose ~6% after a surprise announcement by OPEC+ to cut production by 1.15 million barrels per day from May until the end of the year, pulling up Oil shares.

Manufacturing activities in India touched a three-month high in March, boosted by faster expansions in new orders and output amid demand resilience and an easing of cost pressures, according to a monthly survey. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index rose from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023 so far.

Nifty managed to close in the positive after spending a better part of the day in the negative territory. 17529-17574 band could offer resistance while 17207 could offer support. Volumes need to improve for markets to build on their recent gains.

Source : Equity Bulls

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