Daily Market Commentary : Domestic equities remained lacklustre ahead of RBI policy meeting outcome Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 03 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities remained lacklustre ahead of RBI policy meeting outcome. Nifty opened higher but immediately gave up its initial gains to trade flat for most part of the session. It however, recovered in the last hour to finally close 38 points higher at 17398 levels. Sectorially it was mixed bag with major buying seen in Auto and PSU Bank. Auto sector saw a renewed interest after auto majors announced better than expected monthly numbers. Power sector too remain in focus after Tata Power and Adani announced tariff rise for Mumbai region. Upstream oil companies were also in limelight after crude oil prices rose to 1-month high post OPEC’s surprise production cut. RBI’s policy announcement would be the key event to watch out this week where in investors would gauge for indication with regards to rate hike pause. This along with shortened trading week would keep the market range-bound.
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