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Daily market commentary 24 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Weakness in global markets dragged domestic indices down as the overhang of US debt ceiling negotiation influenced sentiments. Nifty opened lower and witnessed selling pressure throughout the session to close with a loss of 63 points at 18285 levels. Broader markets were mixed with Midcap 100 up 0.2% while small-cap 100 ended flat to negative. Most sectors ended in green with Pharma and Consumer Durables up 1% each. Domestic markets have taken pause with Nifty facing minor resistance at a higher level of 18400-450 zones. However, the overall positive structure remains intact, with a view of buy on dips. Globally, Investors would also take direction from the Fed meeting minutes to be released later today.

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