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Daily market commentary 13 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic markets were in green on back of positive global cues and November CPI inflation easing to 11-month low of 5.9%. Nifty opened higher and continued to gain strength throughout the session to close near day’s high at 18608 levels (+111 points). Nifty Bank continued its northbound journey, marking yet another new high on back of decline in inflation data that has fallen under the RBI’s mandated tolerance range of 2-6%. Rally continued in PSU sector especially mid-smallcap banks. Some recovery was seen in IT sector after it fell by 8% last week. Sentiments globally are positive ahead of release of US CPI data later in the day that would set the tone for US Fed rate decision.

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