Daily Market Commentary : `Weak global cues and profit booking in domestic equities dragged key indices down Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 07 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
’Weak global cues and profit booking in domestic equities dragged key indices down. Nifty opened lower and remain in negative territory throughout the session to close near the day’s low with a loss of 166 points (-0.8%) at 19332 levels. Broader market too ended in red with the Nifty midcap 100 down 0.8% while the Nifty smallcap 100 was down 0.4%. Except for PSU bank and Auto, all sectors ended in red. FMCG, Realty, and Private banks were among the top losers. Globally, sentiments turned sour after strong US private jobs data raised the probability of interest rate hikes by the Fed in its upcoming meeting. Investors look ahead to the release of the latest U.S. nonfarm payrolls late Friday to provide further clues into the Federal Reserve's policy outlook.
On the domestic front, markets are witnessing profit booking at a higher level after seeing a run-up of more than 4% in the last eight trading sessions. Going forward, markets are likely to sustain the current momentum, as stock-specific action will pick up with the onset of the Q1FY24 earning season. India’s retail Inflation data to be released next week would also provide some cues. The technology sector is likely to remain in focus with TCS and HCL Tech announcing their result on Wednesday followed by Wipro on Thursday’.
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