Daily Market Commentary : Nifty opened lacklustre but started gaining strength during mid market Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 28 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty opened lacklustre but started gaining strength during mid-market. It witnessed a sharp jump in the last 30 minutes to cross the 18k mark and close with gains of 149 points (+0.8%) at 18065 levels. Strong buying was also seen in the broader market with Midcap 100 up 1% and Smallcap 100 up 0.7%. All sectors ended in green with PSU Bank and IT being top gainers. Domestic equities are continuously gaining strength for the last five days supported by healthy Q4 earnings, declining VIX and FIIs turning positive. Nifty showed resilience despite global headwinds gaining over 4% in April - the best in 5 months and managing to close above the crucial 18,000 mark. We expect this momentum to continue and expect Nifty to head towards 18200 zones. Next week would be crucial as US Fed and ECB policy meetings are lined – up. Apart from this, PMI data from US, China and India would also be keenly watched. On the domestic front, markets will remain closed on Monday. Investors would continue to track Q4 results along with global cues and Auto monthly sales data.
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