IGI Logo

Daily market commentary 24 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Strong results from index heavyweights led domestic indices to inch higher. Nifty opened positive but remained lacklustre in the first half. The index gained momentum in the second half of the session to close near the day’s high with gains of 119 points at 17743 levels. The banking sector was the top gainer up 1%, followed by the realty sector. Better than expected Q4 result from ICICI Bank over the weekend and RBI’s relaxation towards the HDFC Bank merger led to a rally in the banking index. While Pharma and Auto ended in the red. The market is trading in a wider range and has consistently shown strength at lower levels. We expect the market to remain range bound with positive bias driven by results from index heavyweights. This week companies having ~18% of Nifty weightage are scheduled to announce their results. Investors would also keep an eye on key global events viz. Bank of Japan interest rate decision and GDP data for several important economies including the US, Eurozone, Germany, France, and Italy that would announce their Q1 GDP data during the week and would provide an indication on global economic health.

Above views are of the author and not of the website kindly read disclaimer