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Daily market commentary 18 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities received a positive handover from its global peers, after the Bank of Japan maintained its current range of yield curve control. Nifty opened higher for second consecutive day and witnessed strength throughout the session to close with gains of 112 points (+0.6%) at 18165 levels. Majority of the sectors ended in green with Metals and Financial services being top gainers. Market is showing strength for last two days supported by healthy earning results so far and expectation of strong budget before Union Election next year. FIIs marginally turning buyers have also helped to uplift the sentiments. If Nifty is able to sustain the two day’s positive move, than we might see further upside or else we may see sideways movement. Metal stocks are also likely to remain in momentum as prices surge globally due to shortage of inventory. Capital Goods too will remain in focus on back good order inflow and expectation of increase spending in budget.

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