Market Roundup : Domestic equities witnessed volatile move ahead of monthly FNO expiry Says Siddhartha Khemka, Motilal Oswal
Below is the Daily Market Commentary 29 June 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities witnessed volatile move ahead of monthly FNO expiry and weak global cues. Nifty opened gap down but inched gradually towards its previous day’s close with negative bias. The index finally ended with a loss of 51 points (-0.3%) at 15,799 levels. Broader market too ended in red down 0.5%. Among sectors Oil & Gas, Realty, Metals and Auto were gainers. While Financial Services, Banking, IT, Pharma and Media were laggards.
Global markets were fragile after data showed U.S. consumer confidence dropped to 98.7, 16-month low in June on fears high inflation and economic slowdown. Sentiments further dented after comments from US Fed suggested that another 75bps rate hike was imminent in its next policy meet.
There is no clear direction in the market because of mixed global cues. While the easing of Covid restriction in China have helped to bring some positivity, the low consumer data from US brought forth concerns over growth and inflation. Going ahead, we expect market volatility to continue within a broader trading range
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