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

Domestic equities ended the session near day’s high following its global peers as reopening of China economy has outweighed near term fear. Nifty saw a rollercoaster ride after opening on a subdued note but recovered from the lows, closing with marginal gains of 35 points at 18233 levels. Buying was majorly seen in Consumer Durables, Banking and Finance and Pharma stocks. We expect market to remain in a range with a positive bias ahead of FOMC minutes outcome and release of US manufacturing PMI data on Wednesday. Banking stocks continue to gain traction. IT sector is likely to see some action ahead of Q3 results next week. Niche sector like insurance is expected to gain momentum as government is likely to introduced insurance amendment bill in the budget. Power financing stocks are likely to be in momentum on the back of strong power demand as well as reforms expected in the upcoming budget.

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