Daily Market Commentary : The index closed with minuscule gains of 6 points at 19435 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 14 August 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities had weak handover from its global peers as high US inflation and mounting trouble in China’s real estate market dented the sentiments. Even on the domestic front, IIP data came at 3 months low. After a tepid start, Nifty made a gradual recovery during the day as buying emerged at lower levels in index heavyweights. The index closed with minuscule gains of 6 points at 19435 levels. Except for IT, FMCG, and Media, all sectors ended in red. Caution was seen in the market today on account of fragile global factors and ahead of India’s CPI data that would be released later today (Monday). We believe inflation is likely to pick up in Jul-Aug’23 – entirely led by vegetables. We expect the headline inflation at ~7.5% YoY in Jul’23, which is well above the RBI’s tolerance band. Even WPI inflation came in a little higher than expectation. Persistent selling by FIIs since July end too is keeping the Indian equities on edge. Thus the market is witnessing consolidation at higher levels in the absence of any positive trigger. We expect this trend to continue in the near term as a series of macro data around the world and FOMC meeting minutes will be released during the week which could keep markets subdued. Indian equities will remain closed on Tuesday on the occasion of Independence Day and might stay lackluster on Wednesday on account of the Parsi New Year.
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