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Daily market commentary 23 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic indices extended the losses for the second consecutive day amid weakness globally. Nifty opened lower and remained in negative territory throughout the session to close with a loss of 106 points at 18666.  The broader market too ended in red with Nifty midcap and smallcap 100 down 1% each. Except for Pharma, all sectors ended in red with Metals, Consumer Durables, Auto, and Oil & Gas down between 2-1%. Indian equities have gained ~8% from the low made in April with Sensex touching new high during the week. Weak commentary by global IT giant Accenture, a rate hike by BOE and hawkish commentary by US Fed Chair led to profit booking at higher levels that stopped Nifty from making a new high as the index fell short of just 1 point on Thursday. We expect the market to consolidate in the near term, although investors should use corrections as buying opportunity’.

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