Daily Market Commentary : Nifty opened positive and moved in a narrow range to close with marginal gains of 26 points Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 25 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty opened positive and moved in a narrow range to close with marginal gains of 26 points at 17769 levels. PSU banks were the biggest gainers on expectation of strong results. Apart from this, railway stocks saw huge interest on account of higher government capex allocation towards the sector. Mankind Pharma hit the street today with IPO size of Rs4326 crore. The issue will close on 27th April. The company is a major domestic player in healthcare products with leadership in many brands. We expect the market to remain range bound with positive bias driven by results from index heavyweights. So far results from banking sector has been inline to better than expectation leading to outperformance by Nifty Bank Index. This week heavyweights from other sectors like FMCG and Auto would also announce their results. Nestle reported good set of numbers today giving a head-start to the overall consumer space.
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