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Daily market commentary 01 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Despite several events lined up during the week including FED policy meeting, global markets surged on back of healthy quarterly results. Positive momentum continued in the Indian equities as well with Nifty gaining another 133 points to close at 18145 – its highest closing since 17th Jan 2022. Sector wise, action was seen in Metal and Pharma stocks. Pharma stocks were in limelight given healthy numbers posted by Sun Pharma and Dr. Reddy’s. Cement stocks were in momentum on the back of news flows around expected price hike. Going ahead, Indian markets are likely to continue with its positive momentum with bouts of volatility. Investors would now await the Federal Reserve meeting outcome and commentary that is due on Wednesday.

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