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Daily market commentary 06 October 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

“Positive global cues and FIIs turning net buyers since last 2 days gave strength to the Indian equities. Nifty opened gap up and remained positive throughout the session. However there was slight pressure towards the last hour of the trade with Nifty cooling off from 17400 zones. Nifty closed in green for second consecutive day with gains of 58 points (0.3%) at 17,332 levels. Midcap IT, Metals, Sugar, Auto and Real estate stocks were in momentum. Metals stocks were in limelight after the news that Copper and Zinc produced by Russian firm would stop trading on London Metal Exchange (LME). Auto and real estate counters were in momentum on back of healthy pre-quarterly updates.

Indian equities after gaining strength in the last few sessions, is likely to consolidate for a while before starting its next leg of rally. We expect Nifty to consolidate around 17,200-17,400 zones and then head towards 17600 – 17700. With earning season about to begin and pre-quarterly updates coming in, we expect stock specific action to continue in the markets. Globally, Investors would track U.S. jobs data (on Friday) which is crucial in the current environment of rising interest rates.”

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