Post Market views - April 24, 2023 - Reliance Securities

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

Indian equities started the week on a positive note with the Nifty ending 0.7% higher. Broader markets also ended in the green with the Nifty Mid Cap and Nifty Small Cap up 0.4% and 0.6% respectively. Gains were led by the financial sector with the Nifty PSU Bank up 2.6% while the Nifty Bank (+1.2%) and Nifty Financial Services (+1.3%) too ended higher . Nifty Realty (+1.1%) continued its up move while Nifty IT (+0.7%) saw some recovery. Nifty Pharma (-0.7%) and Nifty Healthcare (-0.6%) were the major laggards.

Indian equities ended lower for the last week following the downward trend in the global markets. Nifty was down 1.1%. Broader markets however ended in green as Nifty Mid Cap and Nifty Small Cap were up 0.3% and 0.7% respectively. Sectoral indices ended mixed. Nifty PSU Bank (+2.1%) and Nifty FMCG (+1.0%) were the major gainers for the week. Nifty IT was the primary laggard, down by 5.4%.

The markets will be in the thick of the earnings season for the next few weeks both in India and globally. Investors will closely analyse the quarterly numbers and the management commentary on the demand scenario in the economy. Commodity prices including Brent crude prices will depend on the extent of the recessionary conditions in the US and recovery in China. The Fed Reserve is likely to hike interest rates by 25bps in its next meeting in early May.

Source : Equity Bulls

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