Daily Market Commentary : Domestic equities have showed strong character despite global headwinds Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 29 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities have showed strong character despite global headwinds as they gained for sixth consecutive day and make new highs. While global cues were negative at the start of the day due to agitations in China for its regressive COVID policies. Nifty opened lower but soon gained momentum to make fresh highs. The index finally closed with gains of 55 points at 18,618 levels. Action was seen in FMCG, Metals and Pharma Sector. Buying was seen in FMCG stocks on back of revival in rural demand and decline in oil prices.
We expect market momentum to continue although the pace of gains may slow down given the run-up in last few days. Oil& Gas, auto, IT, & FMCG stocks have been supporting the Index with strong movement in heavyweights like Reliance. Auto stocks would be in focus ahead of the monthly sales data for Nov would be released. Expect banking, consumer and cement stocks to remain strong over the next few days.
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