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Daily market commentary 22 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Indian markets yet again showed resilience in the face of global weakness after the US Fed sounded more hawkish in its future action. Nifty opened gap down, but attempted to recover twice during the day, to finally close with loss of 86 points at 17,630. Broader market however outperformed and ended in green. Recessionary fears could keep globally linked sectors like IT, metals and pharma under pressure for some time. On the other hand, consumption and crude inputs sectors like FMCG, Paints, tyres, Autos are likely to benefit from strong domestic demand and fall in commodity prices.  

Friday, IT stocks would react to Accenture’s 4Q earning release along with management’s commentary and future guidance.

Global markets were trading mixed as investors digested another aggressive rate hike by US Fed and fear BOE to follow in the footsteps of US Fed and announce a similar hike.

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