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Daily market commentary 28 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities witnessed volatility ahead of monthly FNO expiry and subdued global cues. Nifty moved between positive to negative territory throughout the session to finally close with minor loss of 10 points at 18123 levels. Sectorially, it was mixed, with buying seen in Consumer Durables, Oil & Gas and Auto. Niche sectors were in momentum. Railway stocks were buzzing on back of new orders, while fertilizers stocks gained on back of rising prices as Russia continues to tighten supplies. Oil & gas sector was in limelight as Crude oil prices surged to 3-weeks high with China opening up and supply concerns from Russia. Indian markets are likely to remain sideways and volatile. Overall declines are being bought into, however follow up buying is missing at higher levels. Hence traders are suggested to keep strict stop loss and book profits on every rise.

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