Daily Market Commentary : Indian equities have been consolidating in range for last few days Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 29 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic indices showed strength on the day of monthly/yearly derivatives expiry with broad based buying visible across various sectors. Also rebalancing of NSE indices led to strong momentum in the last hour of the session. Nifty opened positive and remained strong throughout the day to finally close with gains of 129 points (+0.8%) at 17081 levels. All sectors ended in green with PSU Bank, Metals and Realty being major contributor. Indian equities have been consolidating in range for last few days. Easing concern over banking crisis and FIIs turning net buyers after being seller for last two weeks improved the sentiments. Volatility too cooled off sharply by 9% at 13.6%, thus providing some comfort. Domestic market will remain close on Thursday on the occasion of Ram-Navmi. On Friday, investors would react to UK GDP data while await release of US GDP data later that day, which could provide some cues towards Fed future course of action.
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