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Daily market commentary 09 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities reversed their losses following a recovery in the global markets after the Italian authorities clarified that the new tax could not breach 0.1% of a lender's total assets.  Nifty traded in negative territory for the most part of the session, however, last-hour buying at lower levels helped indices to close near the day’s high with gains of 62 points at 19633 levels. Among sectors Metals, Oil & Gas, Auto, and Consumer Durables were top gainers. As expected, Indian equities are consolidating given the cautious global scenario and consistent selling by FIIs. Tomorrow, we expect the market to see some volatility as RBI will announce its policy decision outcome on the weekly F&O expiry day. Further, RBI’s commentary would be largely tracked to understand their future course of action.

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