Daily Market Commentary : Nifty traded in a narrow range Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 26 April 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic indices opened lower following weakness in global markets after U.S. Consumer confidence fell to a nine-month low of 101.3 in April. Nifty traded in a narrow range for the most part of the session but recovered in the last half hour on the back of strong buying in banking counters to close near the day’s high with gains of 49 points at 17818 levels. Realty and FMCG sectors were top gainers today. Nifty FMCG index surged to all-time high levels post the healthy results from Tata Consumer and Nestle, which reflected an improvement in demand and an easing of inflationary cost pressures. Also, stock prices of Gujarat-based PSU companies gained after its government announced a new capital restructuring plan that potentially increases dividend payouts and bonus. The market has shown strength for the last three consecutive days and Nifty is now closer to its higher end of the trading band placed around 17800 – 17850. On the results front, Banking and now Auto, FMCG companies have reported strong numbers providing much-needed support to the market. Over the next few days, many heavyweights would be announcing their numbers, which would drive the market direction.
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