18-10-2023 05:56 PM | Source: Geojit Financial Services Ltd
Daily Market Commentary : Pharma sector saw buying interest given its defensive nature and on expectation of healthy earnings delivery Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 18 October 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities witnessed selling pressure amidst intensifying conflict in the middle east and worries of a prolonged high-interest rate regime after a better-than-expected US retail sales data. Nifty opened flat but soon drifted into red and closed near day’s low at 19671 levels with loss of 140 points (-0.7%). Broader market too fell with Midcap100/Smallcap100 down 0.9%/0.3%. Except Auto and Pharma, all the sectors ended in red. Bank Nifty was the biggest loser with decline of 1.2%. Pharma sector saw buying interest given its defensive nature and on expectation of healthy earnings delivery. Going ahead, the market may witness pressure in near term as the commodity prices of Brent crude and gold surged to 1-month high while US 10-Year bond yield spiked to 16-year to above 4.8%. Investor sentiments would be subdued till the tension between Israel-Gaza subsides. But we expect stock specific actions to continue as more and results get declared. Tomorrow FMCG would be limelight as heavyweights HUL, ITC & Nestle would be declaring their numbers. Midcap IT companies too would be in focus with Cyient, Coforge & Mphasis numbers due tomorrow while Havells and Voltas Q2 results would keep action in consumer durables.
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