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Daily market commentary 07 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities ended with decent gains ahead of the RBI policy outcome. The central bank is expected to maintain its status quo as growth remains strong along with easing inflation. Nifty opened higher and gained momentum during the session to close near the day’s high with gains of 127 points (+0.7%) at 18726 levels. All sectors ended in green with Metal, Oil & Gas, Realty, and FMCG being top gainers up more than 1%. Metals stocks saw a smart rally after media reports suggested China is taking measures to boost the economy. Nifty has managed to cross the 18700 mark after a gap of 6 months (last touched in Dec’22) and is just ~160 points away from its life high of 18,888. Markets are gradually inching higher along with a lot of action in the mid and small-cap space. We expect the northbound journey to continue in the index on back better than expected macro data and supportive global cues. Rural and agri-related stocks are likely to be in focus with the arrival of monsoon in India, which is expected to be normal this year.

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