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Daily market commentary 13 july 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened gap up and touched new high of 19567, but gave away to profit booking in second half to finally close with marginal gains of 29 points at 19413 levels. Broader market however fell almost 1% with mix trend among sectors. IT was the biggest gainer post good deal wins reported by TCS for Q1FY24. Fall in US inflation data to 2-year low boosted investor sentiments putting to rest some of the concerns with regards to Fed future rate hike. Now Producer price data of US would be keenly eyed today which is an important feed point for US Fed interest rate decision. However, on the domestic front, inflation came in at 3-month high due to high vegetable prices which somewhat worried investors. On the other hand, Primary market continues to do well with most of the IPOs over last 1 month getting good response. Currently Utkarsh SFB IPO is open which is also garnering huge investor interest. Going ahead, with the start of Q1FY23 earnings season, market is likely to witness more stock specific action. In near term market may remain in consolidation mode though the undertone remains positive on the back of strong FII inflows, robust domestic macro-micro factors and expectation of normal monsoon.

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