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Daily market commentary 12 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities continued its gradual downward momentum ahead of US and India CPI data to be released late today. Nifty opened higher but soon drifted in negative territory to close with loss of 38 points at 17858 levels. Except Realty, IT and Auto sector, all other ended in red. In the near term, investors will take cues from inflation data as this will provide direction to central banks for rate hike. IT sector too would remain in focus after Cyient reported better than expected results while Infosys reported decent numbers. Management commentary and growth guidance would be the key driver for the sector. Momentum likely to continue in metals with surge in copper prices to 6 months high fueled by china reopening and weakening dollar.

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