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Daily market commentary 06 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities had a strong day on back of robust service PMI data across countries. India’s Service PMI surged to 12 month high for the month of Feb at 59.4. Nifty opened gap up and traded higher throughout the session on back of pre-festive mood to close with gains of 117 points (+0.7%) at 17711 levels. Except PSU Banks and Realty, all sectors ended in green. Tomorrow markets will remain shut on account of Holi. Market has recovered well with Nifty gaining 2% over the last two trading session, showing renewed strength. India VIX too has fallen from 15 zones to 12 levels, thus supporting the positive sentiments. We expect this momentum to continue in the near term supported by positive global cues. 

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