Daily Market Commentary : Domestic indices had a steady start in line with its global peers Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 04 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic indices had a steady start in line with its global peers. Nifty after having lackluster movement for most part of the day, edged higher in last half an hour to close with gains of 64 points at 18117 levels. The index is holding well above its 18K zones and we expect gradual up-move in the market towards 18300 zones over the next few days with support base shifting higher. Further India Vix below 16 levels is supporting the positive sentiments in the market. Sector wise momentum was seen in Metals, PSU Banks and NBFC stocks. Lot of stock specific action is being seen in the market as the results unfold. Nifty companies that have declared their results so far have seen their earnings grown by strong 25% YoY if we exclude global commodities like Metals and Oil & Gas. So far the earnings season has been healthy though, largely led by BFSI and Auto. As the benefits of the cool off in commodity costs start flowing in 2HFY23E, we expect other sectors to contribute too. Thus going ahead, market is likely to be driven by stability in global and local macros along with continued earnings delivery.
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