Daily Market Commentary: Domestic equities finally scummed to global pressure and retreated towards 18k levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 03 January 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities finally scummed to global pressure and retreated towards 18k levels. Cautiousness ahead of the release of FOMC meeting minutes led to some profit booking in the index heavy weights. Nifty opened on a subdued note and selling continued throughout the day to close near day’s low with loss of 190 points (-1%) at 18043. Broader market too ended in red, down 1%. All sectors closed in negative territory with Realty and Metals down 2% each. Metals saw some selling after Vedanta announced poor Q3 production data. While markets could remain sideways in near term, we expect buying emerging at lower levels. 18,000 mark can act as strong support zone and recovery might be seen once the event is over. IT sector is likely to see some action ahead Q3 results next week.
Some of the banks have announced strong pre-quarterly business updates indicating good results ahead, which could keep the sector in limelight. Other sectors like insurance, fertilizer, capital goods and agri related stocks can see some momentum in anticipation of development in upcoming budget..
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