Daily Market Commentary 13 October 2022 By Mr. Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 13 October 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Another day of volatility induced by global factors as markets yet again came under pressure ahead of the crucial US retail inflation data. Minutes from Federal Reserve's last meeting highlighted its continued focus on containing inflation going forward. On domestic front, September inflation spiked to 5-month high while August IIP fell to 18-month low thus, dampening the sentiments. Markets in the first half saw a continuous selling pressure with Nifty falling below 17k zones. However, strong buying once again emerged at lower levels, thus, pulling the index above its key psychological levels. Nifty made partial recovery from day’s low to close with loss of 106 points (-0.6%) at 17,017 levels. Except for Pharma, Media and Metals all sectors ended in Red. IT sector would continue to remain in focus with HCL Tech announcing strong Q2 numbers, although Wipro reported disappointing results. Also Infosys will announce its result post market and would give direction to the sector which has been reeling under pressure off late on expectation of weakening in global demand. For now, Nifty has been swinging around 17k levels for fourth consecutive day and is unable to get any clear direction. One needs to wait and see who wins the tug of war between global and domestic factors.
Above views are of the author and not of the website kindly read disclaimer
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