IGI Logo

Daily market commentary 25 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities continued its positive move in the absence of any major global cues to close at record high for second consecutive day. Nifty opened higher and after trading volatile in a tight range in the first half; it picked up momentum in the second half to close with marginal gains of 29 points at 18,513 levels. Sensex, Nifty and Nifty Bank continue scaling new highs. Broader market outperformed and closed with gains of 1%. Action was in Banking, IT, Realty, Auto, Oil & Gas, Consumer Durables and Pharma. India VIX fell further to 13.33 levels. Volatility has been cooling off from the last nine weeks; thus supporting the bulls. Even FIIs turned buyer once again post four days of selling which boosted market sentiments.

Going ahead we expect the northward momentum to continue buoyed by positive global cues, fall in crude oil prices and gradual economic recovery. Participation of broader market too is encouraging which would help markets scale further new highs. We believe that once Nifty is able to cross its previous high of 18,604, it would steadily inch up towards 19k levels over the next few weeks. 

Above views are of the author and not of the website kindly read disclaimer