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Daily market commentary 19 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities stabilized after witnessing hiccups last week. Nifty opened flat but soon strengthen during the session to close with gains of 151 points (+0.8%) at 18420 levels. Buying in Auto, FMCG and Metals lifted the markets to close near day’s high. However, post Accenture lower bookings during the quarter, IT sector witnessed selling pressure. Despite weak global cues, Indian equities have shown resilience and remained firm. In the absence of any major trigger, we expect markets to move sideways with support base buying at lower levels. Capital goods, construction and infra sector should be in focus with improvement in project ordering activity and also interest in the space ahead of upcoming union budget. Also, Oil & Gas and sugar sectors are likely to stay in focus after the positive news flow.

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