Daily Market Commentary : Indian equities gained for second consecutive day despite mixed global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 15 February 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Indian equities gained for second consecutive day despite mixed global cues. US CPI inflation came slightly above expectation at 6.4% raised fears of a hawkish Fed. Nifty opened flat but gained strength in the last one hour to reclaim 18k mark. It closed near day’s high with gains of 86 points at 18016 levels. Except FMCG and Pharma, all sector ended in green. On the domestic front, WPI Inflation fell to 24-month low to 4.7% in Jan’23, which is positive for the manufacturing companies as it could ease out the margin pressure for them. In addition, FIIs have been net buyers for last couple of days and is providing relief to the markets. Nifty has given the highest closing of the last 15 sessions and we expect this momentum to continue. Further India VIX too has remained low at 12.86 levels providing support. In the near term, we expect defence, capital goods and auto sector stocks to do well on back of strong Q3FY23 results and healthy order book.
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