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Below the Daily Market Commentary 15 September 2023 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities continued their winning streak following their global peers boosted by better-than-expected Chinese and US economic data as well as optimism that the European Central Bank may be close to peak interest rates. Nifty surged to new highs amid buying in index heavy weights and closed with gains of 89 points at 20,192 levels. Further decline in India VIX by 4% to 10.9 added to the positivity. Sectorially it was a mixed bag with buying interest seen in Auto, IT, and Pharma. Nifty has been scaling new highs over the last few sessions as the sentiments strengthened post the successful G-20 execution which is likely to bolster India’s economy in the global arena. Further lower CPI and wholesale inflation in India are comforting amidst the global inflationary scenario. Thus we expect the overall positive momentum to continue especially in the large cap while sectoral rotation is likely to be seen in the broader market. Next week, the US interest rate decision is due where Fed is expected to take a pause, which might bring relief to the global markets.

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