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Daily market commentary 09 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities saw some support base buying after witnessing selling pressure last week, largely helped by rally in global markets. Nifty snapped its 3 day losing streak and strengthened during the day to close with gains of 242 points (+1.4%) at 18101 levels. Except Consumer Durables, buying was visible across the sectors with IT, Metals, PSU Banks and Auto being top gainers. Expectation of US Fed turning less hawkish and opening of remaining Covid-related border controls by both HK and China uplifted investors sentiments. Additionally, commencement of Q3 corporate earnings, with TCS set to announce its results today, will set the tone for other IT companies. Investors will also keep eye on US, Europe and India CPI data to be released during the week. Further, Fed Chair Jerome Powell’s speech on Tuesday will be important for global markets as it could throw some light for future action. While expect market to remain in broader range, sectors like banking, auto and metals can witness some momentum.

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