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Daily market commentary 03 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened lower and traded in a narrow range throughout the day to close with a loss of 58 points at 18089 levels. Sectorially it was a mixed bag with FMCG being a major gainer. Sectors like aviation, FMCG cement, paints and tyres saw good momentum, benefitting from the fall in oil prices. For now, investors are waiting for the US Fed policy-meeting outcome, which would give some insights into the future rate cycle. On the domestic side, the market structure remains positive on the back of healthy macro data, strong earnings, and FIIs buying over the last few days. Several PSU stocks from across sectors like railway, defence, capital goods have been in strong momentum last few days.

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