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Daily market commentary 03 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Indian equities cheered the dovish commentary from one of the US Fed officials along with robust domestic services PMI data. Service PMI improved to 59.4 - its 12 years high, in February on the back of strong demand as price pressures eased further. Nifty opened gap up and witnessed consistent strength throughout the day to close with gains of 272 points (+1.6%) at 17594 levels. All sectors ended in green with continued momentum seen in Banking, Metals and Realty. Nifty is finding some support after declining almost 9% from its peak. While Domestic macro data continues to remain strong, global uncertainty regarding the next US Fed action have kept the markets volatile.

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