Daily Market Commentary : Indian equities ended the month of May on a positive note with Nifty up 2.5% Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 31 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
After four days of positive up-move, domestic equities scum under pressure after China released weaker-than-expected Manufacturing PMI data. Also, the deadlock of the US debt ceiling continued to keep investors nervous. Nifty opened lower and remained in negative territory throughout the session. However, MSCI flows gave some respite in the last 30 minutes and the index closed with a loss of 99 points at 18534 levels. The broader market outperformed with the Nifty midcap / smallcap 100 up 0.8% and 1% respectively. Sectorially, it was a mixed bag with consumer durables and Realty being top gainers. Indian equities ended the month of May on a positive note with Nifty up 2.5% driven by a healthy Q4FY23 earning season and consistent FIIs buying. For the month, FIIs bought Rs24450crs in equities. Global as well as domestic markets would react to the US Congress voting with just days remaining to avoid a default. In addition, Domestic equities would react to India’s GDP data, which would be released late on Wednesday. This would give direction to RBI in its upcoming policy meeting.
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