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Daily market commentary 01 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities cheered impressive growth in India's Q1 GDP and core sector output. Nifty opened positive and strengthened during the day to close near the day’s high with gains of 182 points (+0.9%) at 19435 levels. Broader market too ended in green up almost 1%. All sectors participated in the rally, except for Pharma. Metals, Oil & Gas, PSU Bank, and Autos were major gainers today. Upstream oil companies were in the limelight as Brent crude surged to a 1-month high on the back of tighter US inventories and Russia signalled to curb oil export. Railway stocks continue to log smart gains on the back of a strong order book and rising allocation in the rail infrastructure. PSU banks saw fresh buying after rating agency Fitch affirmed ratings on India’s PSU Banks. Overall, we expect the market to trade in a range with sector- and stock-specific actions as the broader market momentum remains positive.

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