Market Roundup : Domestic equities saw a lacklustre movement and traded in negative territory Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 26 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities saw a lacklustre movement and traded in negative territory throughout the day amid weak global cues. Nifty opened flat and fell right from the initial tick amid selling pressure. The index witnessed slight bounce but could not sustain and closed with loss of 147 points (-0.9%) at 16,484 levels. Broader market underperformed and were down more than 1%. Expect media, all other sectors ended in red with IT being top laggard down more than 2%.
Global markets were tepid after Swiss banking giant UBS reported disappointing earnings and cautiousness ahead of FED meeting outcome on Wednesday and US GDP data on Thursday.
After witnessing strong up-move last week market is taking a pause as two large global events are likely to pay-out over the next two days. We expect clarity in market to emerge post the US FED meeting outcome along with its commentary on future rate action. On the domestic front, corporate earnings continue to provide stock specific action. Monsoon is also progressing well. The deficit rainfall in Jun’22 has been covered and now stands at 11% surplus at pan India level. However, FIIs have turned negative again, providing mixed signals. Overall, we expect markets to remain in consolidative mode for next few days.
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