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Daily market commentary 30 May 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities remained positive for the fourth consecutive day. Nifty opened positive and closed with gains of 35 points at 18634. Action was seen in select midcap and smallcap stocks. Sectorially, it was a mixed bag with FMCG and Private Bank being top gainers. In the near term, we expect the market to take cues from its global peers and macro data to be released during the week. In addition, investors would watch for India’s GDP number, which will be released on Wednesday. Nifty is showing strength and is inching up gradually toward its life-high levels. Bank Nifty has already crossed its previous highs and is providing much-needed support to the market. Even the Midcap index is at an all-time high and we expect the action in the broader market to continue

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