IGI Logo

Daily market commentary 06 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities continued its momentum for the fourth consecutive day led by optimistic domestic cues. Though Nifty traded in red for most part of the session, on the back of rise in crude oil prices to 10-month high and weak global data points; last-hour rally led to index finally closing in green with marginal gains of 36 points (+0.2%) at 19611 levels. Broader market too ended in green with Midcap100/Smallcap100 up 0.1%/0.2%. Sectorially it was a mixed bag with FMCG, Pharma and Oil & gas up ~1%. On the other hand, realty, PSU Banks and Metals saw some profit booking. Niche sectors like Paper, Sugar, Fertilizers and liqour saw huge buying interest today. Going ahead, market is likely to trade in a broader range with positive bias given strong domestic factors, though persistent FII selling and poor monsoon is a worry. Further concern over slowing global economy and interest rate hikes could keep weighing on the market and bring in intermittent profit booking.

Above views are of the author and not of the website kindly read disclaimer