Market Roundup : Domestic equities rallied amid positive global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 18 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities rallied amid positive global cues. Nifty opened gap up and gained momentum throughout the day to close with handsome gains of 229 points (+1.4%) at 16,279 levels. Broader market too ended in line with gains of more than 1%. Except FMCG, all sectorial indices ended in green with IT, Metals and Banking were top gainers up between 2-3%.
Global markets were positive on back of upbeat earnings, strong retail sales data in US and easing fears of aggressive rate hike by FED. Further, efforts taken by Chinese authority to address rising financial risks from falling property market boosted investor’s sentiments.
Markets globally rebounded after US Fed officials favoured 75bps rate hike as compared to a 100 bps rate hike in upcoming policy meeting. Progressive monsoon, ongoing result season, easing in commodity prices and expected growth in rural demand have helped the domestic markets to recover smartly from their lows. Nifty gained 5% in July and is holding well above its 16k mark. Even Mid and Smallcap indices are up ~ 8.5% & 6% respectively in July so far. India VIX ~17 level is supporting the index. Expect market momentum to continue towards 16500 with buying interest in sectors like Banking, financials, consumer, realty, defence.
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