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Daily market commentary 23 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

“Domestic equities swing between gains and losses after US Fed continued with its rate hike trajectory. Statement by Treasury Secretary to not provide blanket insurance to all the banks distraught the sentiments. Nifty opened lower on back of weak global cue. It saw some respite mid-day by getting into green zone. However, last hour selling dragged the index down to close with loss of 75 points at 17077. Sectorially it was mixed bag. The US Fed did very little to provide a concrete direction to the market. Their resolve to control inflation remains strong despite the ongoing banking turmoil. Bank of England too is expected to hike rates by 25bps. Overall, we expect Indian markets to remain range bound due to lack of triggers. Global environment continues to remain volatile. FIIs too have been consistent sellers for last few days, which could keep the market under pressure.”

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