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Daily market commentary 21 August 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities saw some respite today despite muted global cues. China announced smaller than expected cut in its lending rate, thus disappointing global investors. Nifty opened flat but soon gained momentum and closed with gains of 83 points (+0.4%) at 19394 levels. Broad based buying was seen across the sectors except for PSU bank and oil & gas. Major buying was seen in IT, Metals & Realty. This week market would take cues from macro data to be released locally as well as internationally. That apart, most eyes will be on US fed chair Powell's speech, jackson hole symposium due later in the week and release of RBI meeting minutes. Thus, in the near term we expect market to trade in broader range with buying seen at lower levels. Stock specific action is likely to dominate.

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