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Daily market commentary 19 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty remained sideways for the most part of the day. The index, however, recovered during the last hour of trade to close with gains of 76 points at 18207 levels. IT, Realty, and Auto were top gainers today while Pharma and FMCG were laggards. The broader market came under pressure and ended flat. On the global front, investors cheered the possibility of a quick outcome of the U.S. debt ceiling negotiation. After struggling throughout the week, Nifty managed to show some strength in the last trading session. While the market saw some profit booking at higher levels, the overall strength is visible and dips are being bought into. Positive global cues, a healthy result season, and consistent FII buying have been providing support to the market. We expect the market to resume its upward journey after taking a pause this week.

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