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Daily market commentary 05 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic indices traded in positive territory throughout the day, despite mixed global cues on back of healthy macro data. Manufacturing PMI hit 3-month high to 56.4 in March, indicating strong demand. Additionally, net direct tax collections have exceeded Union Budget estimates by 17%, further confirming robust economic growth. Nifty opened higher and continued to strengthen throughout the session to finally close near day’s high with gains of 159 points (+0.9%) at 17557 levels. Except PSU Banks and Auto, all sectors ended in green. Buying was seen in IT and FMCG sector stocks. While the trend looks positive, upside could be limited given the sharp rise of 3% in Nifty in last four days and the big event of RBI policy outcome on Thursday. After a long period, midcaps have shown momentum and hence action could be seen in the broader markets.

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