Daily Market Commentary 14 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
A sharp pull-back in global markets gave head start to Indian equities. Nifty opened gap up and remained firm throughout the session. However it gave up some gains in the second half, mirroring US Dow futures and finally closed with gains of 171 points (+1%) at 17186 levels. Sectors like IT and Banking including capital market stocks were in momentum after reporting good quarterly results. Volatility index, India VIX, sharply fell by 10% to 18.3 levels, thus, supporting the overall positive sentiments in the market.
Relief rally in global markets, easing of crude oil prices and some short covering helped domestic indices to recover. Further, decline in India's wholesale inflation to an 18-month low to 10.7% in September supported the buying interest. Although markets were unable to sustain at higher levels and pared some gains, Nifty is holding well above its crucial levels. On the domestic front, HDFC Bank would announce its result on Saturday which would set the tone for other banks in the next week.
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