Daily Markets Wrap - April 5, 2023 - HDFC Securities

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

Nifty rose for the fourth consecutive session on Apr 05 ahead of the outcome of the RBI MPC meet on April 06. At close, Nifty was up 0.91% or 159 points at 17557.1. Smallcap index rose a little more than the Nifty even as the advance decline ratio was up at 3.07:1. Nifty rose the most in the Asian region.

Global stocks mostly fell as hawkish messages from New Zealand and Australian central banks signaled a prolonged fight against inflation and revived concerns about a deeper economic slowdown. Signs of a slowing U.S. labour market also made investors nervous about the economic outlook.

India's services activity was off its 12-year high in March, signalling a modest loss in growth even as it continued to expand for the 20th straight month, according to a monthly survey. The seasonally adjusted S&P Global India Services PMI Business Activity Index eased from 59.4 in February to 57.8 in March.

Nifty rose well on April 05 and from its intra day high, it was just short of 3 points in filling the downgap made on March 10. Once it rises above 17574, it could open up further rise towards 17800. On falls 17428-17451 band could provide support.

Source : Equity Bulls

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DailyMarketsWrap HDFCSecurities Nifty Sensex