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Daily market commentary 15 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic indices saw roller coaster ride amid continued global uncertainty. Nifty opened flat but soon witnessed selling pressure. Nifty drifted below 17k zone for a brief moment intraday – almost after more than 4 months – it was below 17k last time on 13 Oct 2022. Nifty finally ended the day with loss of 111 (-0.7%) at 17043 levels. The only positive factor today was the WPI data for Feb’23, which came in at 25-month low at 3.85%. Except Pharma, all sectors ended in red. Markets are likely to remain under pressure in the near term, as the US banking crisis deepens with more and more US banks coming under the cloud. Now all eyes will be on the US inflation data that will be released late on Tuesday and would be key factor for the Fed’s decision on interest rate in its upcoming meeting amidst the ongoing banking turmoil.

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