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Daily market commentary 09 June 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened positive but soon gave up its earlier gains and drifted lower to close near the day’s low at 18563 levels. Except for Private Banks and Realty, all sectors ended in red. Despite positive global cues, Indian equities are witnessing profit booking at higher levels and seem to be taking a pause after Nifty saw a run-up of ~7% over the last two months. However, the overall structure remains positive with Nifty gradually moving towards its previous lifetime high. Stock-specific action continues in the broader space, especially in the niche sectors. Next week the market will focus on central banks’ rate decisions globally where the market is expecting the status quo. Also, investors would keep an eye on US and Indian inflation data.

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