Daily Market Commentary : Domestic equities arrested its five days losing streak after the Swiss National Bank Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 16 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities arrested its five days losing streak after the Swiss National Bank agreed to provide financial aid to Credit Suisse Group. Nifty opened positive but witnessed rollercoaster ride throughout the session to finally end with marginal gains of 13 points at 16986 levels. Fresh concern over Credit Suisse failure has aggravated fears with regards how deep-rooted the banking crisis can get going ahead. Its ripple effect is seen across global markets including India. Nifty is down ~4% over last six trading sessions. We expect weakness to continue in the near term ahead of ECB meeting outcome today and Fed outcome next week. The commentary over the ongoing turmoil in the financial sector would be crucial for the markets. We expect Oil marketing companies, cement and paints stocks to remain in lime light on account of fall in Brent crude price to 15-month low at $73/bbl.
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