IGI Logo

Daily market commentary 22 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened on a flat but gradually recovered to close with gains of 111 points (+0.6%) at 18314 levels. The broader market too ended in line with the Nifty midcap 100 and smallcap 100 up 0.6%. All sectors ended in the green, except for Banking and Financials. Metals were the top gainers up 3%, followed by IT up 2%. The market has resumed its upward journey after taking a pause last week. Positive commentary from US Fed, consistent FII buying and healthy results from Index heavyweights supported the sentiments. Overall market outlook remains positive with stock-specific action. Over the next few days, Investors would take cues from global events like FOMC minutes, GDP numbers in the US, and CPI inflation in UK and Japan.

Above views are of the author and not of the website kindly read disclaimer