Daily Market Commentary : The index touched yet another new high of 19595 with the successful launch of Chandrayan 3. Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 14 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty traded positive throughout the session and witnessed sharp up-move in last half an hour to close near day’s high at 19565 levels (151 points higher; +0.8%). The index touched yet another new high of 19595 with the successful launch of Chandrayan 3. Global cues too were supportive following the release of another soft inflation data. The PPI inflation rose only 0.1% MoM in June, leading to hopes that Fed may soon take a pause. Broader market outperformed with gains of 1-1.5%. All indices ended in green with IT being an outlier (gains of 4.5%), as most of the negatives have been priced in and valuation looks attractive at this juncture. Apart from IT, media and realty and metals too witnessed good gains. Going ahead, market would keenly watch out for merged HDFC Bank results on Monday which now holds 29% weightage in Nifty Bank. As we fully enter into quarterly earnings season, stock specific action would pick up steam. Moreover expectation of good quarterly results, consistent FIIs buying interest and good progress on the monsoon front would keep the overall trend of the market positive.
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