Post-market views - July 11, 2023 - Reliance Securities

Mr. Vikas Jain, Senior Research Analyst at Reliance Securities.

Indian equities ended slightly higher amid mixed trends in global markets. Nifty was up 0.4%. Broader markets out-performed the main index as Nifty Mid Cap and Nifty Small Cap were up 0.9% and 1.3% respectively. Majority of sectoral indices ended in green. Nifty Auto (+1.4%), Nifty Consumer Durables (+1.3%) and Nifty FMCG (+1.2%) were the major gainers. Nifty Fin Services (-0.4%) and Nifty Metal (-0.3%) were the primary laggards.

US stocks ended mixed as investors prepare for a slew of economic data this week that should give them some insight into the health of the broader economy. The S&P 500 was up 0.13%, the Dow climbed 0.27% while the Nasdaq Composite was down 0.03%. The yield on the 10-year Treasury fell 2 basis points to 4.04%. The June consumer price index report is awaited with investors hoping to see a continued deceleration in the inflation rate. Wall Street consensus expects the Core CPI month-over-month figure to be 0.3%, which would be the lowest reading since September 2021.

Investors await on earnings results. The economy, is getting a capex push from India Inc as companies get down to pumping up spend amid rising demand. With much of the Rs 2000 notes back in the system and the government getting into spending overdrive, surplus liquidity has shot past the Rs 2 lakh crore mark which provides a big internal support for the central bank.

Source : Equity Bulls

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