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Daily market commentary 4th July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened lower and remained range bound for most part of the session. However, it gained strength in the last hour to close with gains of 83 points (+0.5%) at 15,835 levels. Broader market too ended inline – up 0.7%. Sector-wise it was mixed bag. FMCG, Banking, Financial Services, Consumer Durables, Realty and Media were positive. While Metals, IT, Oil & Gas, Auto and Pharma were laggards.

European and Asian markets saw some respite after last week’s fall, while US market are closed today on account of Independence Day. As per media reports US President might ease Chinese tariffs which can bring some relief to the global economy.

Strong June auto sales number, improved GST collection, record property registration in Mumbai, hope of good monsoon and soft commodity price have supported domestic indices despite volatile and uncertain global environment. Going forward, during the week markets will take cues from US Fed minutes of meeting (Wednesday). The June quarter earnings season will kick-start with TCS reporting its numbers on 8^th July - Friday followed by Avenue Supermart on 9^th (Saturday).

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