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Today nifty closed higher on the first day of the new fiscal year, with nifty closing near 17,700. Sensex closed 708 points or 1.21% higher at 59,276 & nifty closed 205 points or 1.18% higher at 17670. NTPC, BPCL, Power Grid Corporation, indusind Bank and SBI were among the top Nifty gainers, while Hero Motocorp, SBI Life Insurance, Sun Pharma, Tech Mahindra and Titan Company were the top losers. All industry indices ended in the green, with auto, banking, oil and gas, real estate, energy and PSU bank indices up 1-4 percent. In the broader markets, the BSE mid-cap and small-cap indices each gained over 1 percent. India is a key US trade and strategic partner, a senior Biden administration official has told US lawmakers, claiming that despite some sharp differences, the two countries have agreed to work together on various issues, including market access commitments. US Trade Representative Katherine Tai, testifying before the Senate Finance Committee during a hearing on the US trade policy agenda on Thursday, pointed out that there are major differences between the two countries on a number of issues.

We expect FY23 to see continued volatility in equity markets, particularly in the first half of the year with rising global interest rates and high inflation likely to persist. In this scenario, we anticipate a reallocation of funds from long-term debt to equity funds in the second half of the year, which should bode well for equities. Our year-end target for Nifty is 20200. Some sectors where we are positive include metals, hospitals, hospitality, oil refining and capital goods.