Daily Market Commentary: Domestic equities gained strength despite mixed global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 17 October 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities gained strength despite mixed global cues. Nifty has managed to stay above 17k zones and close near day’s high with gains of 126 points (+0.7%) at 17312. Sectorially it was a mixed bag with Banking and Financial Services being the key sectors providing strength to the market. They rallied on the back of good pre quarterly updates and the healthy results reported by HDFC Bank and Federal Bank. However, cement sector could remain under pressure after very weak number from ACC and Shree Cement. Metals saw some selling on account of weak global demand and fall in base metal price on LME. For now, key base for Nifty has been formed and buying at lower levels indicate positive momentum in broader range may continue.
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