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Daily market commentary 14 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities were trading in a narrow range ahead of the US Fed policy-meeting outcome. Nifty after opening higher gave up initial gains. However, the index soon recovered and gained momentum throughout the session to close with marginal gains of 40 points at 18756 levels. Sectorially it was a mixed bag with Metals and Oil & Gas being top gainers. Metals stocks remained in the limelight after China’s central bank cut interest rates and unveiled stimulus measures. India’s WPI inflation declined to a 3-year low of -3.48% in May. With improving macros, supported by FII buying, the overall structure of the markets remains positive. Investors would take cues from the outcome US Fed meeting on policy rate and Fed Chair’s commentary would hold importance. Also on Thursday ECB and the Bank of Japan would come out with a policy decision.

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