Daily Market Commentary : Next week, markets will take cues from RBI`s policy meeting Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 02 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities witnessed some pressure amid weak global cues, mixed Nov. auto sales number and investor’s cautious approach ahead of release of US monthly jobs data. Nifty ended its eight-day streak after witnessing rally of 4%. The index finally close with loss of 116 points (-0.6%) at 18696 levels. Broader market however outperformed and were up +0.6%. Realty and Metals continued to see traction. Niche sectors likely defence, pipes and beverage companies were in flavour on back of news flows.
After rallying 4%, market seems to have taken a pause and is likely to consolidate for next few days. However, overall trend remains positive with Nifty headed towards 19K zones. Next week, markets will take cues from RBI’s policy meeting and we expect them to tone down their stance given positive macro data and dovish commentary from Jerome Powell. Also investors would keenly watch for outcome of Gujarat state election that is due next week. Result in favour of BJP would add to continued momentum as it would mean stability and set the stage for 2024 election. Other key data lined up to release next week are OPEC meeting, US & India Service PMI, Europe Q3 GDP and US Jobless claim data.
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