Daily Market Commentary : Nifty has been trading between 19400-19500 range for the last 6 trading sessions and has shown strength at lower levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 11 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities traded in positive territory after an encouraging handover from global peers. Nifty opened higher and remained steady throughout the session to close with gains of 84 points (+0.4%) at 19439 levels. Broader market outperformed with the Nifty midcap 100 and Nifty smallcap 100 up +0.9% and 1.2% respectively. Auto, FMCG, Pharma, and Consumer Durables were major gainers up more than 1% each. Defence sector was in the limelight on the eve of India’s PM visit to France where they are likely to sign several deals including a Technology transfer agreement.
Nifty has been trading between 19400-19500 range for the last 6 trading sessions and has shown strength at lower levels. Even today Nifty held on to its gains despite profit booking in several banking and Financial heavyweights. Going forward, we expect the positive momentum to continue on the back of healthy earnings, consistent FII inflows, and improving monsoon. Technology sector is likely to remain in action as TCS and HCL Tech will announce their result on Wednesday. Investors would also watch for India and US’s inflation data to be release Wednesday.
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