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Daily market commentary 26 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Sensex hits a fresh all-time high of 63,588 despite cautious global cues. Even Nifty attempted to touch new highs but fell short of 12 points. The index finally closed with a gain of 40 points at 18857 levels. Sectorially it was a mixed bag with major buying seen in financial services, especially NBFC. Consistent foreign inflows into Indian equities backed by the country's strong macroeconomic data have driven investors’ confidence. Primary market is getting back in action with two mid-sized IPOs opening for subscription next week – Ideaforge Ltd & Cyient DLM Ltd. In the near term, all eyes would be on the US Federal Reserve Chair Jerome Powell’s two-day testimony before Congress, which began today (Wednesday). It would indicate the Fed’s future course of action with regard to the interest cycle. Also, BOE would announce its policy decision tomorrow (Thursday) where a 25bps hike is expected. PM Modi’s four-day visit to the US began today (Wednesday) when he met the Top CEOs and tomorrow he would be addressing US Congress, which could further strengthen the Indo-US partnership.

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