Post Market Views - June 20, 2023 - Reliance Securities

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

Indian equities ended higher as Nifty was up 0.3% while broader markets out-performed the main index as the Nifty Mid Cap and Nifty Small Cap were up 0.5% each. Majority of sectoral indices ended in green. Nifty Fin Services (+0.9%), Nifty IT (+0.8%) and Nifty Auto (+0.7%) were the major gainers. Nifty Media (-1.2%) and Nifty Healthcare (-0.3%) were the primary laggards.

U.S stock were closed on Monday on the observance of Juneteenth holiday. US stocks ended in red on Friday. The S&P 500 ended 0.4% lower, the Nasdaq Composite dipped 0.7%, and the Dow was down 0.3% on Friday.

Late monsoons have sparked worries among traders as this could be a sign of increased retail inflation which eased in May to a 25-month low of 4.25%. Delayed sowing in key agricultural regions of Central India is likely to impact yield. As of 19th June, the monsoon is 33% below normal. However the IMD has indicated that the Southwest monsoon is expected to revive and progress further in the coming days.

Source : Equity Bulls

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