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Daily market commentary 29 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities edge higher following global optimism after the US government reached a tentative agreement to raise the debt ceiling and avert a default. Nifty after giving a gap-up opening traded in positive territory throughout the session to close with gains of 99 points (+0.5%) at 18599 levels. Nifty Bank hit a fresh record high at 44,483 levels. Broader markets along with all major sectors too ended in green. Only Oil & Gas and IT closed lower. Indian markets are seeing strong momentum driven by banking and other heavyweight stocks. We expect the uptrend in Nifty to continue and expect it to head toward its life-high levels on the back of positive global cues, consistent FIIs buying, and healthy corporate earnings

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