IGI Logo

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

Nifty touched a new high for the fifth consecutive day and closed with gains of 84 points at 19833 levels. Broader market too ended in green with Nifty Midcap 100 and Nifty Smallcap 100 up 0.6% and 0.8% respectively. All sectors ended in positive territory, except IT. PSU Bank, Consumer Durables, and Financials were top gainers. Banking stock continues to remain in the limelight after Indusind Bank & Bank of Maharashtra reported healthy Q1 results. Cable and wiring stocks witnessed a smart rally after Polycab reported strong volume growth in the June quarter. Domestic market has been hitting record highs daily over the last few sessions driven by sustained foreign inflow, surplus monsoon, and a good start to earning season. We expect this momentum to continue in the near term given buoyant domestic cues and receding global concerns. Tomorrow, markets would react to the weekly option expiry and results of index heavyweight Infosys and HUL. 

Above views are of the author and not of the website kindly read disclaimer