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Daily market commentary 28 August 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities traded in positive territory amid gains in global markets after China announced a 0.1% duty cut on stock trades to aid its ailing stock market with a likeliness of more stimulus in future. Nifty closed with gains of 40 points at 19306 levels. Broader market outperformed with the Nifty midcap 100 up 0.5% while the Nifty smallcap 100 was up 0.7%. All sectors ended in green, except for IT, FMCG, and Oil & Gas. Reliance Industries was in focus in the second half of the day with the kick-start of its 46th AGM where it announced the launch of JioAir Fibre. Markets are likely to remain in consolidation mode this week amidst key events including the release of domestic GDP data, monthly expiry, and domestic and global macroeconomic data. Also ~7% deficit in the Jun-Sept monsoon could keep upside limited.

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