IGI Logo

Below is the Daily Market Commentary 02 June 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities snapped its two days losing streak on the back of buying in heavyweights. Nifty opened lower but recovered from early losses and closed with gains of 105 points (+0.6%) at 16,628 levels. Broader markets too closed in-line with gains of 0.6%. Among sectors, except Auto and Financial Services, all ended in green with Oil & Gas, IT, Metals, Media and PSU Bank up between 1-2% each.

Global markets continued to remain cautious ahead of US nonfarm payroll data due to release on Friday. Further, Oil prices fell on Thursday ahead of OPEC+ meeting later in the day and speculation that Saudi Arabia may boost oil production in response to urging by the United States.

Markets are finding support based buying and is gaining momentum in despite witnessing pressure at higher levels. Nifty opened soft but gained strength though out the day to close above 16,600 zone. Broader market continued to witness action for 3^rd day in a row. Markets are likely to remain in a broader range as we continue to monitor global cues including geo-political developments, crude oil price movement as well as institutional flows.

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