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Daily market commentary 23 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities were in positive territory throughout the session in line with its global peers. Nifty opened higher but last hour selling dragged the index down to close with marginal gains of just 9 points at 18253 level. Sectorally it was mixed bag. PSU Banks, Defense, Fertilizer stocks were in action. Most of the fertilizer stocks rallied after India’s import from Russia surged by 371% in 6 months of FY23. On the primary market front, Inox green energy listed today at a discount of 7%, while Dharmaj Crop Guard would open for subscription on 28th Nov’22. Last year’s listed companies like Tarsons products, Venus pipes, Ethos and Go fashions might face some selling pressure as their pre-ipo lock-in period expires in the next 2-3 days. Globally, Investors would keenly wait for Fed’s minutes that is due to be release on Thursday which will set tone for US Federal Reserve’s meeting in December. US market will remain closed on Thursday and remain open for only half day on Friday due to Thanksgiving. Thus, expect global bourses to remain lacklustre. Back home, domestic markets might see some action on back of F&O monthly expiry and macro data to be released globally.

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