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Below the Daily Market Commentary On 23 November 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities traded lacklustre ahead of extended weekend and lack of global cues. Nifty traded in a narrow range and closed flat with negative bias at 19802 levels. Majority of the sectors ended in green with Realty, Oil & Gas, and Metals being top gainers. Oil marketing stocks were in limelight on account of fall in Brent crude price after US inventories expanded and discord within OPEC+ forced the group to delay its upcoming meeting. Sugar stocks too witnessed fresh buying due to improved domestic demand. Two -wheeler stocks like Hero Motocorp, Bajaj Auto and TVS Motor were also in focus amid strong sales growth witnessed during the festival season and rating agency’s rising growth forecast. While the secondary market saw a range bound move, the heightened action was seen in the primary market. We are seeing strong response to the IPOs that opened this week of which IREDA was subscribed 36x, while Tata technologies and Gandhar Oil were subscribed 13x until now. Overall market is likely to trade sideways in the near term with stock specific action in the broader space.

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