Market Roundup : Domestic equities gained momentum on back of positive global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 27 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities gained momentum on back of positive global cues and better than expected 1Q FY23 earnings by few heavyweights. Nifty open flat but soon strengthened during the day to close near day’s high with modest gains of 158 points (+1%) at 16642 levels. Broader markets too ended in green with Nifty Midcap 100 up more than 1% and Nifty Smallcap 100 closing flat. All sectorial indices closed in positive territory with Media, Pharma and Metals up more than 2%
Global market were positive as better-than-expected results from tech giant lifted investor’s sentiments. Further, markets have largely factored in a 75 basis point hike, that eased some concern ahead of the of U.S. Fed outcome.
Domestic markets regained their positive momentum after taking a two day pause. Strong results by Index heavyweight like Asian Paints, L&T, Maruti, and Tata Steel boosted investors’ confidence. All eyes would be on US Federal Reserve which is likely to announce another 75bps rate hike to control record high inflation. Further, Fed’s commentary on its future rate action would give direction to the market.
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