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Daily market commentary 16 February 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities took a pause after two consecutive days of gains to end on a flattish note. Nifty witnessed selling pressure throughout the day and lost almost 100 points from day’s high to close with marginal gains of 20 points. It however managed to stay above 18k mark to end the day at 18035. Global cues were positive after US retail sales data rose by 3% - highest in nearly two years. Sectorially it was mixed bag with buying seen in IT, Realty and Metal stocks. Q3FY23 corporate earnings season has ended with overall numbers in-line with expectations. Now the market would look for global macro data as well as other domestic factors as key drivers. Consistent order inflows are driving stocks in capital goods and defence space while rebound is seen in IT sector stocks.

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