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Daily market commentary 08 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities along with its Asian peers were subdued after China reported weak trade data. Nifty after opening on a positive note, edged lower and traded in a narrow range to close with a marginal loss of 26 points at 19571 levels. Broader market outperformed with Nifty midcap 100 and smallcap 100 up 0.2% each. Sectorially it was mixed bag with rally seen in PSU bank, which was up 3%. As we move towards the end of Q1FY24 results season, action will shift to macro factors, with many economic data due for release during the week. Investors await key inflation data from US, India and China for further market direction. Also locally, RBI meeting kicked off today, the results of which would be declared on Thursday. We thus expect market to consolidate, while Interest sensitive sectors are likely to be in focus.

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