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Daily market commentary 21 July 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities took a pause just before the 20k zones. Nifty opened lower dragged by selling in IT heavyweights after Infosys lowered its FY24 growth guidance. Nifty closed with a loss of 234 points (-1.2%) at 19745 levels. Broader markets were mixed with the Nifty midcap 100 down -0.4% while the Nifty smallcap 100 was up +0.7%. Except for PSU Bank and Auto, all sectors ended in red. IT, Consumer Durables, and FMCG were major laggards. All eyes will be on the US Fed and ECB policy meeting next week. Investors would also take cues from various macro data that would be released. With the result season picking up pace, we expect a lot of stock-specific action and provide direction to domestic equities in the coming week. Apart from Index heavyweight Reliance, Banking sector is also likely to be in focus as ICICI Bank and Kotak Bank would announce results over the weekend.

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