Post-market views - July 6, 2023 - Reliance Securities

Mr. Vikas Jain - Reliance Securities.

Indian equities ended higher despite weak global cues with the Nifty up 0.5%. Broader markets out-performed the main index with Nifty Mid Cap and Nifty Small Cap up 1% and 0.8. Majority of sectoral indices ended in green. Nifty Reality (+2.3%), Nifty Oil & Gas (+1.9%) and Nifty Media (+1.7%) were the major gainers. Nifty IT and Nifty Fin Services were the primary laggards which were down 0.1% each while Nifty FMCG ended flat.

US stock fell after the minutes from the FED's June monetary policy meeting showed officials intend to resume raising interest rates after a pause last month. Wall Street's S&P 500 index and the tech-heavy Nasdaq Composite both fell 0.2%. The Dow was 0.4% lower. US payrolls data are due out on Friday. Economists polled by Bloomberg expect hiring to have slowed in June, but the median forecast from that survey has underestimated the jobs data for every one of the past 14 months.

1QFY24 has ended and investors await on the earnings results for further cues. The rate pause decision by the Reserve Bank of India and US Federal Reserve, in view of declining inflation, breathed new life into markets. Investor interest was reclaimed by a revival of the monsoon and positive sentiment in global markets.

Source : Equity Bulls

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