IGI Logo

Daily market commentary 16 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Indian equities are set to make an all-time high on the back of a strong rally in global markets supported by healthy domestic cues. Nifty continued its northbound journey to end at an all-time high on closing basis, with gains of 138 points (+0.7%) at 18826 levels.  The broader market too ended in green with the Nifty midcap 100 up +0.7% and the Nifty smallcap 100 up +1%. Majority of the sectors ended in positive territory with Banking and Financial being top gainers up 1% each. Falling inflation and healthy economic data along with consistent FIIs buying cheered the domestic sentiments.  Nifty came within striking distance of an all-time high. We expect the overall structure to remain positive with major events now behind. All eyes would be on PM Modi’s visit to the US next week, as it would bring in cross-border agreements with a key focus on Defence. Sectors like Pharma, Healthcare, and Insurance companies would remain in focus after recovery was seen in monthly industry data.

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