Daily Market Commentary : Domestic equities were lacklustre amid an uncertain global environment Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 26 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities were lacklustre amid an uncertain global environment. Nifty opened on a tepid note and traded in a narrow range to close with gains of 27 points at 18692 levels. The broader market outperformed with the Nifty midcap 100 and Nifty smallcap 100 up almost 1% each. Pharma, Auto, FMCG, and Consumer Durables were top gainers today. However, PSU Bank and Oil & Gas witnessed selling and closed in the red. Sentiments have been dented on account of concern surrounding economic growth globally and rising geopolitical issues within Russia. We expect the market to consolidate in the near term before resuming the upward journey. Sectors like Auto, and FMCG would be in focus with the progress of the monsoon. The primary market is also in buzz with the Ideaforge IPO getting subscribed 2.5x on the first day itself, while Cyient DLM IPO will be open for retail participants on Tuesday.
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