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Daily market commentary 12 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities were strong on back of positive global cues. Nifty opened higher and remained firm throughout the session to close with gains of 103 (0.6%) points at 17936 levels. Broader market too ended on healthy note with gains of more than 1%.

US markets after sharply underperforming, are now showing signs of recovery with a positive weekly close post 3 consecutive weeks of decline. An aggressive rate hike by US Fed in its upcoming September meeting seems to be already factored in by the market. Investors are also hoping for a dip in domestic as well as US inflation data which can further support the positive momentum. While the Sensex has managed to cross 60k mark, Nifty is just at knocking distance from the key 18k levels. Sector rotation was visible in the market with interest seen in underperforming sectors like IT and Metals. Specialty Chemicals were also in focus on news of rising global prices on back of supply constraints from Europe and China. We expect market to remain firm with Nifty likely to head towards 18,000-18,200 zones.

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