IGI Logo

Daily market commentary 08 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic indices bounced back following its global peers after the US reported strong jobs data. Nifty opened higher and continued to strengthen through the session to close near the day’s high levels with gains of 195 points (+1%) at 18264 levels. Almost all sectors ended in green with Realty, Auto, Financial Services, and Banking being top gainers. Continued earnings momentum in banking stocks and sustained credit growth at 15.9% led to a rally in Nifty Bank. For the week, we expect the market to continue with its positive structure dictated by corporate earnings and consistent buying by FIIs. Investors would watch out for economic cues such as inflation data of India, the US and China along with UK GDP data and BoE interest rate during the week.

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