Daily Market Commentary : Nifty opened positive and remained steady for most part of the session Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 27 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty opened positive and remained steady for most part of the session as SVB’s resolution provided some relief to the market. Investors took comfort from news that First Citizens BancShares will acquire SVB's deposits and loans. However selling in the last half an hour led to the flat closing of the market at 16986 (+0.2%). On the other hand, broader market remained choppy with Midcap 100/Smallcap 100 down 0.5%/1.6%. Pharma was the major gainer which provided support to the Nifty with gains of more than 1%. FMCG, PSU Banks and IT too managed to close in green while other sectors ended with losses. Going ahead the concerns remain with regards to global banking crisis which would keep the markets on edge. This week investors would watch out for US & UK GDP data which could provide some cues with regards to Fed’s future course of action with regards to rate pause.
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