Daily Market Commentary : IT sector is likely to remain in focus ahead of Accenture results on Thursday Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 20 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities ended higher despite weak global cues as interest rates cut by China was smaller than expected and investors await details of further stimulus announcement. Nifty after opening lower, made a smart recovery in last half an hour to close with gains of 61 points (+0.3%) at 18817 levels. All sectors, except Pharma, ended in the green. After a minor hiccup, markets resumed their upward journey toward a lifetime high as the domestic fundamentals remain strong. We expect momentum to continue with the overall structure still intact. Investors would focus on PM Modi’s visit to the US as this will strengthen ties and deal wins. Also, all eyes will be on Fed chair Jerome Powell’s two-day congressional testimony starting on Wednesday. These could potentially hint at a July hike given the Fed signaled the possibility of more rate increases later in the year if inflation remained an issue. Niche sector like Defence is likely to remain in action on the back of expectation of new orders. NBFC stocks are witnessing renewed interest on expectation of good monsoon which would improve microfinance demand from the rural sectors. IT sector is likely to remain in focus ahead of Accenture results on Thursday.
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