Daily Market Commentary : Indian equities witnessed selling pressure on the first day Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 21 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Indian equities witnessed selling pressure on the first day of the week on the back of weak global cues. Global sentiments were impacted after China reported surge in Covid cases leading to concerns over economic growth outlook. Even Brent crude oil prices fell to two-month low below $90 /bbl. Investors were cautious ahead US Fed minutes to be released on Wednesday, which would give insights into the central bank’s future rate hike stance given the softening inflation.
On the domestic front, PSU banks and metals were in limelight. PSU banks especially many mid and smaller ones are undervalued and hence attracting buying interest. These banks reported better quarterly numbers along with improving balance sheet and increasing traction in loan growth.
This week markets are expected to be lacklustre in the absence of any major domestic event, while the monthly derivatives expiry may induce some volatile. Hence Investors would track global cues including Fed minutes, oil prices, and US bond yields.
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