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Daily market commentary 02 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Indian markets flat on the back of mixed global cues and soon drifted into red, witnessing profit booking at higher levels. Nifty lost 63 points but managed to close above 18k levels at 18083. Global markets were trading on a mixed note in caution over the FOMC outcome. All eyes would be on the FED’s rate hike decision and commentary. On the domestic front, GST collection number for October came in at second highest ever while manufacturing PMI expanded at stronger pace to 55.3. In addition, strong FIIs flows over the last few days is also providing support to the markets. Profit booking was seen in some of the rate sensitive sectors like Realty, Auto. Given BoE interest rate decision tomorrow along with RBI’s emergency meet, Nifty is likely to continue with its consolidative move.

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