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Daily market commentary 07 February 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities witnessed volatile session amid weak earnings report during the day. Nifty opened positive but soon came under pressure largely dragged by FMCG and Auto stocks. The index saw some recovery from the days’ low to close with loss of 50 points (-0.3%) at 17714 levels. Except for banking and realty, all other sectors ended in red. Metal stocks saw some selling on account of poor set of numbers from Tata Steel and Hindalco. Globally investors await Federal Reserve Chair Jerome Powell speech for more economic cues. While on the domestic front, all eyes will be on the forthcoming RBI policy meet due on Wednesday to gauge any pause in the near-term monetary tightening measures. Stock specific action would continue amidst busy results season till market gets any clear direction.

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