Daily Market Commentary : Domestic equities finally succumbed to global pressure after three days of positive move Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 09 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities finally succumbed to global pressure after three days of positive move. Renewed concerns over higher interest rate dented the global sentiments. Nifty opened flat but soon drifted in negative territory to close near day’s low with loss of 170 points (-0.9%) at 17590 levels. All sectors ended in red, except niche sectors like Power and capital goods saw some buying. Weak global cues are likely to keep market volatile in a broader range. Investors keenly await US Non-farm pay roll data that will be announced on Friday, which could give some indication over US Fed’s move in its upcoming policy meeting. However, FIIs turned net buyers in March of almost Rs.17000cr against selling of Rs.11000cr in Feb, which is providing some support at lower levels. We except power stocks to remain in limelight in anticipation of higher demand for electricity due to rising temperature and likely removal of price cap.
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