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Daily market commentary 06 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

India equities continued their dream run, with key indices consistently making new highs. Nifty surpassed the 19500 zone intraday before closing with gains of 99 points (+0.5%) at 19497 levels. On the sectoral front, Realty, Oil & Gas, Auto, and Healthcare were top gainers while IT, Financials, and FMCG witnessed profit booking. Nifty has moved up sharply by 865 points (4.6% gains) in the last 8 trading sessions scaling new highs on the back of Healthy progress in monsoon, strong FIIs inflow, and decent pre-quarterly updates. We expect the market uptrend to continue with stock-specific action. Global cues were weak due to the release of hawkish minutes of the Federal Reserve’s June meeting. Investors will keep an eye on US Nonfarm Payroll, and Unemployment data, which would be released on Friday.

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