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Daily market commentary 03 February by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

After initial hiccup, markets recovered post some stability seen in Adani group stocks. Nifty opened positive but traded flat in the initial hours. It however made a comeback in later part of the session to close with gains of 244 points (+1.4%) at 17854 levels. Sectorialy it was mixed bag. Buying continued in consumer and IT sector stocks. While beaten down banking sector, especially PSU Bank saw refresh buying after BOB reported healthy Q3FY23 numbers and expectation of SBI to announce good result.  Domestic indices witnessed recovery despite mixed global cues. Pharma counters were under pressure after Divi’s Lab reported poor set of numbers. Banking stocks will react on Monday to SBI results, which would be released on Friday evening. Investors await key monthly US jobs data. Next week market will keep eye on US Fed Chair Powell speech due on Tuesday.

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