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Below the Daily Market Commentary On 02 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities had a muted handover from its Asian peers after China released mixed manufacturing data. Nifty remained in negative territory throughout the session to close with a loss of 76 points at 21666 levels. The broader market too ended in red. Sector-wise it was a mixed bag with buying seen in Pharma, Oil & Gas, and Metals. Global markets would react to US S&P manufacturing data that will be released late today. On the domestic front, markets are witnessing profit booking in Jan, after 2 consecutive months of sharp up-move. Nifty gained 5% in Nov and 8% in Dec. Also, investors turned cautious ahead of the FOMC meeting minutes to be released on Wednesday and rising tensions in the Red Sea. India will release manufacturing PMI data on Wednesday. Thus, investors would take cues from economic data points during the week.

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