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Daily market commentary 18 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Optimism in global markets gave domestic indices a positive start. Nifty opened higher but gradually drifted into negative territory led by profit booking in index heavyweights. The index closed near the day’s low with a loss of 52 points at 18130 levels. Except for Financials, all sectors ended in red. Indian markets were dragged as profit booking emerged in SBI and ITC despite posting strong results. These stocks had already seen up move in anticipation of better numbers. Nifty is struggling for the last 3 days and is finding hurdles at 18,300-18,400 zones. Markets are likely to remain consolidative and take cues from global developments. Overall, we remain positive on the market and view the current decline as buying opportunity. 

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