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13-12-2023 05:47 PM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : Domestic equities were lacklustre ahead US Fed`s decision late today says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd

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Below the Daily Market Commentary On 13 December 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

 

 

Domestic equities were lacklustre ahead US Fed’s decision late today. Nifty remained in negative territory for most part of the day but last hour buying helped indices to close in green with marginal gains of 20 points at 20926 levels. Majority of the sectors ended in green with buying seen in Realty, Pharma and Auto. Power stocks saw strong buzz after electricity generation rose by 20.4% for the month of October. Strong Mining output growth of  13.1% for the month of Oct led to rally in mining stocks. Market has been consolidating at higher levels for the past few sessions post the recent run-up. All eyes are on US central bank’s policy outcome to be released late today, where the focus will be more on Powell’s commentary for any hint on the rate cut next year. Overall, we expect the market momentum to continue on higher side supported by lower than expected inflation data, 16-month high IIP data, fall in crude oil price to 7 month low and FIIs buying.

 

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