IGI Logo

Daily market commentary 26 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Indian equites witnessed a strong recovery after the sharp sell-off last week. Nifty opened positive and gained strength throughout the session to close with gains of 208 points (+1.2%) at 18015 levels. Action was seen in Broader market post its 3 consecutive weeks of decline. Both Nifty Midcap 100 and Smallcap 100 outperformed Nifty with gains of 2.7%/3.8% respectively. Except Pharma, all sectors ended in green. After sharp fall of 3% in Nifty over the last three trading sessions, value based buying emerged at lower levels. In the absence of any major global events due to year-end holidays, we expect market to remain sideways to positive based on news flows. We expect focus on Banks, Auto, capital goods and defense sectors to do well in the near term.