Market Roundup : Domestic equities continued its northbound journey on back of positive global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 22 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities continued its northbound journey on back of positive global cues and better than expected 1QFY23 earnings. Nifty opened higher and sustained momentum to close near days high with gains of 114 points (0.7%) at 16, 719 levels. The broader market were flat to marginal positive. Barring IT, Pharma and Oil & Gas, all other sectors ended in green with Banking and Financial Services being top gainers up more than 1%. Nifty auto index has surged by 8% in July to its life-time high of 12,690 levels on account of good progress in Monsoon, expectation of revival in rural demand and improvement in chip supply.
Global markets were positive despite surprise rate hike of 50 basis points by the European Central Bank, its first hike in 11 years and weak German manufacturing PMI Data
Monday domestic equities will react to results from several index heavyweights (with more than 30% of Nifty weight) which would announce their numbers over the weekend. On the global front, US Fed meeting and US Q2 GDP data would be key events to watch out for. FII’s turning positive after a very long time, along with strong results have kept the momentum strong for the week. Nifty has closed above its key resistance levels and now is set for an up-move towards 17,000. India VIX has also cooled down by ~20% to 16.65 levels in last one month indicating decline in Volatility and supporting overall bullish sentiments.
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