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Daily market commentary 31 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

After two days of pause, Domestic equities resumed their uptrend as sentiments improved after data showed an easing in US inflation and better-than-expected China manufacturing data. Nifty opened higher and gained momentum throughout the session to close with gains of 108 points at 19754 levels. Broader market closed with gains of 1%. All sectors ended in the green, except for FMCG and Healthcare. Metals, IT, Auto, oil & Gas, and Consumer Durables ended with gains of more than 1%. Indian Equities ended positively for the fourth consecutive month with Nifty gaining 2.9% on the back of a healthy Q1 earning season, a 6% surplus in rainfall, and positive FIIs flow during the month (?14623cr till 28th July). Going ahead, we expect the market to continue its northbound journey with phases of consolidation. The power sector remains in focus after NTPC reported strong quarterly results. Auto stocks will be in action as companies are likely to release improving monthly sales numbers, especially 2W and CV segment.

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