IGI Logo

Daily market commentary 21 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities witnessed a smart recovery after falling in the last few sessions. Positive global cues, value buying at lower levels and some amount of short covering helped the indices close in green. Nifty opened positive and saw sustained buying throughout the day to close with gains of 119 points (0.7%) at 17107 levels. Strong action was seen in banking sector with Bank Nifty up sharply by 1.4%. Oil & Gas and Consumer Durables were other major gainers for the day up more than 1% each. We advise investors to remain cautious, as markets are likely to remain volatile ahead of Fed’s meeting outcome on Wednesday late evening. US Fed’s commentary amidst the ongoing financial crisis would be of key importance and can provide some direction to the markets.

Above views are of the author and not of the website kindly read disclaimer