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Daily market commentary 02 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Healthy domestic economic data kept Indian equities in positive territory. India’s manufacturing PMI data came at a 4-month high at 57.2 in April, while GST collection rose 12% to a record high of Rs1.87 lakh crore. Nifty opened higher and sustained throughout the day to close with gains of 70 points at 18135 levels. Buying was seen in the broader market with the Nifty midcap 100 up 1% while smallcap 100 was up 0.7%. Sectorially Oil & Gas, IT, and Metals were top gainers. Action was seen in the railway stocks on the back of deal wins and a healthy order book. Markets have been slowly and gradually gaining strength over the last few weeks. Going ahead, the market may consolidate ahead of key US Fed and ECB policy meetings before resuming its upward journey. With results season picking up steam, stock-specific action is likely to continue.

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