Daily Market Commentary :Strong pre-quarterly business updates from Nifty heavyweights continued to support markets Says Mr. Siddhartha Khemka, Motilal Oswal

Daily market commentary 10 April 2023 by Mr. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Strong pre-quarterly business updates from Nifty heavyweights continued to support markets. Nifty opened higher and continued its positive momentum throughout the day. The index however, erased most of the gains in the last hour to close marginally up at 17624 levels. Sectorially it was mixed bag with Realty being top gainer – up 4%. Record Pre-sales numbers by real estate companies along with pause in interest rate hike by RBI and further improvement in demand could keep real estate in momentum going forward as well. The government recently approved Kirit Parikh recommendation for the pricing of natural gas, which led to sharp reduction in the prices of CNG and PNG. This is big positive for Oil & Gas sector and we expect the sector to remain in limelight in the near term. The undertone of the market continues to remain positive on back of expectation of healthy Q4 earning season. Investors would keep a watch on several economic data including US, China & India Inflation, UK GDP and FOMC meeting minutes. IT companies will be in focus ahead of TCS & Infosys results on 12th & 13th April respectively.


Above views are of the author and not of the website kindly read disclaimer