Daily Market Commentary : Nifty continued its upward momentum driven by buying seen in index heavyweights Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 03 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities surged higher, continuing last week's positive sentiment amid healthy 12% growth in GST collection at Rs.1.61 lakh crore for the month of June. Nifty continued its upward momentum driven by buying seen in index heavyweights. The index finally ended the session with gains of 133 points (+0.7%) at 19323 levels. Sectorial it was a mixed bag with a rally seen in PSU bank – up 3% and Oil & Gas up 2%. Metals stocks were in the limelight on the back of marginally better-than-expected China manufacturing PMI data. Markets would react to other macro data like Manufacturing PMI data from the US, India’s Manufacturing & Service PMI data, and FOMC meeting minutes, which would be releasing this week. US markets will remain closed on 4th July (tomorrow) on account of Independence Day. The overall structure of the market remains positive with Nifty attaining new highs at a steady pace. We expect PSU Banks to remain in focus on the expectation of healthy Q1FY24 numbers. With the monsoon deficiency reducing to 10%, agri-related stocks are like to be in focus.
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