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Daily market commentary 25 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic indices saw volatility on back of monthly FNO expiry and weakness in global markets. Nifty opened lower and remained negative for most part of the day. However, the index made swift recovery in last hour and closed at day’s high with gains of 36 points at 18321 levels. Most sectors ended in green, except for Oil & Gas, PSU Bank and Financials. On global front, U.S. debt ceiling uncertainty and a stronger dollar weighed on investor’s sentiments. Yet again, we saw strong recovery from lower levels indicating overall strength in the market. We continue to expect gradual up-move in the benchmark indices led by support based buying. A close above 18400-18450 zones could trigger the next leg of rally in markets.

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