Daily Market Commentary : Domestic markets showed some strength on Tuesday after 3 consecutive days of fall despite mixed global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 22 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic markets showed some strength on Tuesday after 3 consecutive days of fall despite mixed global cues. Nifty opened positive and witnessed some last hour buying leading the index to close with gains of 84 points at 18,244. Market breadth was also good with most sectors except realty closed in green. India VIX has cooled down to the lowest in two years at 13.8 levels (down -6%), thus providing downside support to the market.
Globally, European markets were positive while Asian markets were mixed on the back of concerns over rise in COVID-19 cases in China. Investors are likely to remain cautious with US Fed meeting minutes which would give insights into its next meeting early December.
On the domestic side, PSU banks continued to remain in action while defence shipbuilding stocks regained strength after some correction earlier. Sectors like Cement, Tyre and Paints were also in action after Brent crude prices fell to 3-month lows. In the primary market - Kaynes Technology made a strong debut with the stock listing at 30% premium. Markets are likely to remain in tight range due to absence of any major triggers. Also with India VIX at 2-year lows, we don’t expect any sharp volatility ahead of the monthly derivatives expiry on Thursday.
Above views are of the author and not of the website kindly read disclaimer
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