Daily Market Commentary : Nifty finally managed to cross its ATH of 18604 though it touched just 10 points higher at 18614 Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 28 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities started the week on positive note despite feeble global cues on account of sharp rise in covid cases in China. Nifty finally managed to cross its ATH of 18604 though it touched just 10 points higher at 18614; while Sensex and Bank Nifty kept touching new highs. Heavyweight Reliance Industries, IT, banks, oil marketing and gas stocks lifted benchmark of Sensex and Nifty to record high. This was the first time Sensex has scaled the 62,500-mark and Nifty intra-day breached previous record high of 18,604 level.
Nifty despite opening lower, quickly moved into green and gained strength throughout the session; though some profit booking in last half an hour led to Nifty closing at 18563 levels with marginal gains of just 40 points (+0.3%). Broader market again outperformed for the second consecutive day with Nifty Midcap 100/Nifty Smallcap 100 gaining 0.7%/1.2% respectively. Sharp fall in oil prices led to momentum in oil & gas stocks while sharp surge in Baltic dry index led to action in shipping stocks. Apart from this action was seen in tyre, paints, defense and railway names. Overall resilient domestic economy along with Fed’s indication of slower rate hike in December monetary policy meet led to strength in the Indian market.
Going ahead, despite the global concern around rising covid cases in China, we expect Nifty to gradually march towards 19k mark, as the overall trend remains positive. Participation of the broader market further adds strength to the market. However intermittent volatility cannot be ruled out on account of global worries. Thus one can take advantage of this to churn their portfolio and add good stocks in the portfolio.
Above views are of the author and not of the website kindly read disclaimer
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