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Daily market commentary 08 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty closed higher for the sixth straight day with gains of 93 points (+0.5%) at 19820 levels. Despite mixed global cues, index bounced back to seven week high and is just 172 points away from its life highs. Broader market too ended in green with Midcap100/Smallcap100 up 1%/0.6%. Financials, Realty and energy stocks led the gains in the market. Banking stocks saw renewed interest after RBI announced removal of incremental CRR in phased manner by October 7. Niche sectors like power, defence and shipping continue to garner interest. Railway stocks were in momentum following media reports of potential deal to connect Gulf and Arab countries via railways. Nifty has been gaining strength and is inching closer towards its life high of 19,992. With monsoon gradually improving and India set to host G20 summit over the weekend, sentiments are buoyant and may lift market towards its life high and 20k mark over the next few days.

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