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Daily market commentary 22 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities remained lacklustre ahead of the US Fed meeting outcome late today. Nifty opened higher and remained sideways during the day to close with marginally gains of 35 points (+0.2%) at 17143 levels. Except Metals, Realty and Consumer Durables, all sectors ended in green. Investors remained cautious as they await US Fed commentary to take decide direction. While 25bps rate hike is expected in the market, Fed’s comments and their plans to deal with current financial turmoil will hold importance. It will be interesting to see how the committee plans to manage the liquidity crisis within the banking sector, while continuing its fight against inflation. 

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