Market Roundup : Domestic equities continued to maintain its positive stance despite cautiousness in Global markets Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 21 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities continued to maintain its positive stance despite cautiousness in Global markets ahead of ECB meeting. Nifty opened flat but strengthened during the day to close near day's high with gains of 84 points (+0.5%) at 16,605 levels. Broader market witnessed rally with Nifty Midcap100 up 1.4% and Nifty Smallcap 100 up 0.7%. Except for Pharma, all other sectors ended in green with Banking, Media and Oil & Gas being top gainers.
Oil prices saw some weakness on demand concerns after U.S. government data showed tepid gasoline demand during the peak summer driving season.
Sentiments continued to be positive with FIIs turning buyer from last three days and healthy Q1FY23 earning season so far barring IT. Global cues were mixed ahead of ECB’s first expected rate hike in 11 years. Midcaps witnessed strong buying interest as valuations became attractive. Sugar stocks were in limelight after news of government allowing additional exports. IT stocks gained as risk reward became favourable post the sharp correction in the last few weeks. We expect the strong momentum in Midcaps to continue over the next few days. Result season will be in focus as several index heavyweights like Reliance, Ultratech, JSW Steel, Infosys, ICICI Bank, Kotak Bank would be reporting their numbers on Friday & weekend.
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