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Daily market commentary 05 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened lower and saw some profit booking amid volatility. The index closed with a loss of 188 points at 18068 levels. HDFC twins were major losers today, dragging benchmark and Banking indices down. The majority of the sectors ended in red. Despite weak global markets, Indian equities remained resilient on the back of positive economic data, Healthy Q4FY23 results, and FIIs turning net buyers. FIIs bought more than Rs10k in the last six trading sessions. After the sharp rise in the last few days, Nifty is now consolidating around 18,000-18,200 zones. While the overall market structure remains positive, expect Nifty to consolidate in the near term on the back of subdued global cues and profit booking in index heavyweights. Next week market would also take cues from inflation, state election outcome and ongoing earning season.

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