Daily Market Commentary : Nifty remained subdued for most of the day Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 13 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Equity markets globally were lacklustre despite inflation cooling off as Sentiments took a hit after FOMC minutes suggested that the U.S. banking crisis is likely to bring a recessionary environment later this year. Back home, a cautious outlook by IT giant TCS posts its Q4 numbers led to a weak start. Nifty remained subdued for most of the day. However, a sharp jump in banking stocks helped Nifty recover in the last hour and close with marginal gains of 16 points at 17828 levels. Bank Nifty was the top gainer, up 1.4% followed by Realty Index, which was up 1.1%. While weak commentary from TCS put pressure on the IT sector, which was down 2.2%. Nifty closed in positive territory for the 9th consecutive day and has now touched its 7-week high. Consistent FII inflows in the cash segment along with short covering on the F&O side have been supporting the market for the last several days. Domestic macro data continues to remain positive and support the uptrend. Weak numbers from TCS and Infosys would keep the technology sector under pressure. The market would also react to HDFC bank numbers to be released on Saturday.
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