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Daily market commentary 23 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities pared some gains amid profit booking after 3 days of positive close. Nifty snapped its initial gains and closed with a marginal loss of 57 points at 19387 levels. Nifty Midcap 100 outperformed the benchmark and ended in green. Sectorially it was a mixed bag with buying seen in IT, Realty, FMCG and Banking space. Railway stocks were in momentum on account of the strong order book and rising allocation in the rail infrastructure by the government.  All eyes would be on the outcome of the Jackson Hole meeting, which would provide some direction on interest rates going forward. Nifty in the meantime is expected to remain in a narrow range with some stock-specific action in the broader market.

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