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Daily market commentary 11 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty remained sideways in a narrow range throughout the day to finally end the session with minor loss of 18 points at 17896 levels. There is cautiousness in the market ahead of inflation data of both India and US which is to be released on Thursday. There is high hope of further cool down in US inflation which would influence the US Fed's interest rate decision while the domestic inflation is likely to stay flat. Some of the other key global events like China and UK GDP data and Michigan consumer sentiment would also be keenly eyed. Tech stocks would be in focus as Infosys, HCL Tech and Cyient would be reporting their numbers on Thursday and would set the tone for other IT stocks. Metal sector would continue to be in momentum as both Copper and Aluminum price surged to 6-month high on hope of improvement in global demand due to China re-opening its economy.

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