Daily Markets Wrap - Dec 8, 2023 - HDFC Securities
2023-12-08 23:08:57 (Time Zone: IST)
Mr. Deepak Jasani, Head of Retail Research, HDFC Securities
Nifty rose above 21000 on Dec 08, after recovering early losses post 1345 Hrs due to late fund buying. At close, Nifty was up 0.33% or 68.3 points at 20969.4. Cash market volumes on the NSE continued to be above Rs.1 lakh cr. Broad market indices ended in the negative even as the advance decline ratio softened to 1.03:1.
Nifty rose for the sixth straight week (up 3.46% - largest gain since July 2022). In the process, Nifty logged the longest weekly gaining streak in 3 years.
Asian markets mostly rose Friday based on a Wall Street rally ahead of crucial US jobs data, while Tokyo took a hit from an extended yen rally on bets Japan will drop its ultra-loose monetary policy. Europe's main stock markets edged higher at the start of trading on Friday with all eyes on the release later in the session of key US jobs data to confirm bets that the Federal Reserve is at peak rates.
Equity mutual fund inflows in India dipped in November as investments into small-, mid-, large-, and multi-cap funds declined. Net investments into actively managed equity schemes decreased 22.15% over the previous month to Rs 15,536.4 crore during the period. SIP contribution to mutual funds industry stood at Rs 17,703 crore in November, compared with Rs 16,928 crore in October.
The RBI MPC voted unanimously to keep policy repo rate unchanged at 6.5% on Dec 08, its fifth consecutive pause.
Nifty formed a near high wave bottom pattern on daily charts on Dec 08. Given the sharp recent rise, such a pattern could portend a reversal if the low of Friday is breached. Nifty could now stay in the 20850-21050 band for the near term.