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Daily market commentary 07 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic indices continued its positive momentum in line with its global peers. Nifty opened higher and remained firm throughout the session to close with gains of 86 points at 18203 levels. Lot of stock specific action is being seen in the market as the results unfold. Tyre stocks were in lime light on back of expectation of good 2Q numbers and stable rubber prices. Sectors like PSU Bank continued to be in action on back of better than expected result from Bank of Baroda and SBI.  Auto and Metals were also seen in action on the hope demand for Metals globally after China eased some restriction. Market would remain close on Tuesday on the occasion of Gurunaka Jayanti. We expect market to continue its northbound movement and head towards 18350-18500 levels backed by positive global cues, FIIs being net buyers and continued earnings delivery. In the near term, now all eyes would be on inflation data of US and India which would set tone for Powel speech and RBI’s action in its next MPC.

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