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

Domestic equities gained for the eight consecutive day on back of dovish commentary from US Fed Chair. Nifty opened higher and made a fresh high before witnessing mild profit booking in the later part of the day. The index closed with gains of 54 points at 18813 levels. Sectorally it was mixed with IT, PSU Bank, Realty and Metals witnessing strength. Realty sector saw some traction after news reports suggested property registration picking up in Mumbai and stamp duty collection scaled to new peak in November. IT and Metals witnessed buying interest with signs of improving global environment. Auto sector saw some selling on back mixed monthly sales numbers. Nifty after moving up by 4% in last 8 sessions can witness some consolidation around the 19k mark. Expect momentum to continue in global sector like IT and Metals. Also real estate, cement and building material stocks are expected to do well on the back of strong housing demand.

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