Daily Market Commentary we expect markets to remain sideways in a range in the near term By Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 30 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities ended the last day of the year on a sombre note with profit booking pulling down the index in the last 30 minutes. Nifty closed with loss of 86 points at 18105. Sector-wise it was mixed bag with momentum continuing in PSU Bank (+1%).
Indian equities missed its Santa rally in the month of December’22 despite Nifty making new high of 18888 at the start of the month. For Dec the index was down by ~3% while ending CY23 with gains of 4%. Broader market saw a mixed trend with Nifty midcap 100 closing the year with gains of +3% while Nifty Smallcap 100 saw a sharp decline of -14%.
As we start the new year 2023, we expect markets to remain sideways in a range in the near term. While fears of recession and spread of covid outside China is capping the upside, we are witnessing strong buying at lower levels which are supporting the markets on the downside. Q3 results and the upcoming Union Budget could provide much needed fresh positive triggers to Indian Equities. Auto sector is likely to be in focus next week on back monthly auto sales data. Metals too will be in focus after China announced to raise export duty on metals.
Above views are of the author and not of the website kindly read disclaimer
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