IGI Logo

Daily market commentary 05 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities closed positively for the third consecutive day led by optimistic domestic cues. Services PMI data came in strong at 60.1 for the month of August, boosting sentiments. Despite weak global markets, Nifty opened positive and traded in a narrow range to finally close with gains of 46 points (+0.2%) at 19,575 levels. Broader market outperformed with Midcap100/Smallcap100 up 1.1%/0.8%. Except for Auto and Financials, all sectors gave positive return with media rallying more than 3% while Healthcare gained 1.6%. Going ahead, market would continue trading in a broader range with positive bias as resilient domestic economy provides strength, amidst uncertain global cues.
 

Above views are of the author and not of the website kindly read disclaimer