IGI Logo

Daily market commentary 07 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities maintained its steady momentum amid positive global cues. Nifty opened gap up and sustained its positivity throughout the session to close near day’s high with gains of 143 points (+0.9%) at 16,133 levels. Broader markets too ended in green with gains of more than 1%. Except FMCG, all other sectors ended in positive territory with Metals, PSU Bank, Realty and Consumer Durables being top gainers. India VIX declined by 5% at 19.22 levels.

Global markets were positive after US Fed released its minutes of June meeting where it highlighted the likelihood of 75bps rate hike in upcoming July meeting which was in-line with expectation.
Indian markets remained strong for second consecutive day on the back of positive global cues, brent crude falling to below $100/bbl and slower intensity of FII selling. Healthy pre-quarterly updates also boosted market sentiments. Real estate stocks continued to be in focus on back of strong demand in key markets. Metals too gained strength on account of surge in base metal prices on LME after the news that China will set-up infrastructure fund worth 500bn yuan to revive economy.

Above views are of the author and not of the website kindly read disclaimer