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Daily market commentary 10 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities witnessed resumption of selling after one day of relief. Nifty opened positive but soon gave up its initial gains to close with loss of 176 points (-1%) at 17925 levels. Except Auto, all sectors ended in red. Profit booking in Bank & Financials, Technology along with Metal stocks dragged the indices lower. Q3 earning season has kick started with TCS announcing an inline performance. the company however remains cautious about the demand environment over the next two quarters. Domestic equities have been witnessing wild swings in last few days as series of events have kept investors on edge. some volatility was also led due to cautious environment globally ahead of US Fed Chair Powell’s speech. We expect Nifty to move in a broader range ahead of various events like US Fed speech, release of US, India and Europe CPI data. However, expectation of healthy earnings could cap the downside.

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