Daily Market Commentary : Nifty opened higher and scaled to new highs to close with gains of 147 points (+0.8%) at 19711 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 17 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities continued its northbound journey despite subdued global cues. Nifty opened higher and scaled to new highs to close with gains of 147 points (+0.8%) at 19711 levels. All sectors ended in the green, except Auto. Banking index gained momentum after consolidating for nine trading sessions on the back of healthy Q1FY24 results from private bank major HDFC Bank. With the results season gaining pace, this week will see significant earnings reports from heavyweight companies, which are likely to set the tone for the markets. Overall, we expect the momentum to continue with intermittent minor declines. Financial space will remain in focus on the expectation of good results from other BFSI heavyweights (Indusing Bank, ICICI Pru., ICICI Lombard and ICICI Bank this week) after HDFC and mid-sized banks reported impressive numbers. With LTI Mindtree and Tata Elxsi results today (Monday) and LTTs results tomorrow (Tuesday), the IT sector would be in the limelight. On the global front, investors will keep an eye on the release of US retail sales and IIP data which will be released on Tuesday.
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