Daily Market Commentary : Domestic equities remained lackluster ahead of US PMI data Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 20 February 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities remained lackluster ahead of US PMI data to be released later in the day and Fed minutes due to be released on Wednesday. Nifty opened positive but see-sawed in a narrow range and finally ended flat with a minor loss of 18 points (-0.1%) at 17827 levels. Broader market too was down -0.4%. Majority of the sectors ended in red. FMCG, Consumer Durables, Energy and Infra were marginal gainers. Investors are cautiously awaiting US Fed’s monetary policy meeting minutes due on Wednesday to gauge its hawkishness. This along with PMI data due today and GDP data later this week would provide cues on interest rate cycle. Recent CPI data points towards inflation stickiness and thus the need for prolonged high rates by US Fed. Even RBI’s MPC minutes would be released tomorrow and would be keenly eyed. FIIs which had turned net buyers last week after a long time, again became net sellers, denting sentiments.
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