IGI Logo

Daily market commentary 28 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities had a dream run with Nifty and Sensex scaling a lifetime high at 19006.7 and 64037 levels respectively. The index remained in momentum throughout the session to close with handsome gains of 155 points (+0.8%) at 18972 levels. Even Nifty Bank made a new high of 44508 levels. All sectors ended in green with strength seen in Metals, Pharma, and Oil & Gas. After making several attempts in the past few days, Nifty finally managed to cross its previous highs. Strong institutional flows, healthy macros, and robust earnings growth drove the domestic market toward its new highs. Further, robust U.S. consumer and home sales data soothed the investors’ sentiments. With the onset of the monsoon and RBI taking a rate pause, we expect market momentum to continue and remain buoyant.

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