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Daily market commentary 10 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty remained in a tight range throughout the session amid weakness in global markets. The index finally ended the day with marginal gains of 49 points at 18315 levels. Sectorially it was a mixed bag with Oil & Gas, Realty, and Auto being top gainers. Capital goods stocks rallied to record highs on the back of better-than-expected results and healthy order inflow. Global markets were subdued as worries loom over investors, ahead of US inflation data and ongoing debt ceiling negotiation. Further, China's shrinking imports, and slower export growth too casted doubt over the pace of the global economic recovery. We expect the market to remain in a range on account of global uncertainties, however, stock-specific action is likely to continue.

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