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Daily market commentary 19 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened flat and continued to remain in negative territory throughout the session to close with a loss of 41 points at 17619 levels. Sectorially it was a mixed bag with IT continuing to remain under pressure. However, traction is seen in specialty chemicals on account of attractive valuation and the expectation of improved export demand. Rice-producing companies rallied today after a report by research agency Fitch Solutions said that the global market was to log its biggest shortfall in two decades this year in rice.

Nifty after gaining nine consecutive trading sessions, has now been consolidating below the 17800 zones for the last 3 days. Even FIIs have turned net sellers and have added to the overall weakness. For now, the market is stuck in a narrow range due to a lack of major triggers. There is some action seen in the broader market with niche sector-specific momentum. We expect further momentum in pharma, specialty chemicals, sugar, rice and realty to continue over the next few days.        

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