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Daily market commentary 28 February 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Weakness continued to persist on global as well as domestic fronts led by worry over prolonged interest rate cycle. Nifty opened on a flat note and witnessed continued selling pressure throughout the day to close with loss of 89 points at 17304 levels. Sectorially it was mixed bag with Realty being top gainer – up more than 1%. Markets are continuously witnessing selling pressure on back of global uncertainty, consistent FIIs selling and central banks around the world being hawkish to tame rigid inflation. Nifty ended Feb with a loss of 2% - its 3^rd consecutive month of decline. Overall cautiousness is likely to remain ahead of key macro data - India’s GDP & US consumer confidence to be released. 

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