Daily Markets Wrap - April 11, 2023 - HDFC Securities

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

Nifty rose for the seventh consecutive session on April 11 helped by positive global cues. At close Nifty was up 0.56% or 98.3 points at 17722.3. Smallcap index marginally outperformed the Nifty even as the advance decline ratio was up at 1.76:1.

Asian and European markets mostly rose Tuesday after an Easter break with focus now turning to the release of US inflation data later in the week.

The Indian Meteorological Department has forecast a fourth straight year of a normal monsoon, bringing some relief to the economy as it grapples with high food inflation and slowing global growth. Quantitatively, the southwest monsoon seasonal rainfall between June and September over the country as a whole is likely to be 96% of the long-period average with a model error of plus or minus 5%.

Nifty overcame the hesitation seen on the previous day and marched ahead. It could now stay in the 17639-17800 band in the near term waiting for economic data like India CPI and IIP and US CPI (due April 12) for further triggers.

Source : Equity Bulls

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