Market Roundup : Equity markets gained for third consecutive day Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 08 July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Equity markets gained for third consecutive day, ahead of the release of U.S. monthly job data. Nifty opened gap up and traded in positive territory throughout the session. Nifty closed with gains of 88 points (+0.5%) at 16,221 level. Broader market too ended in green, up +0.3%. Sector-wise it was mixed. While profit booking dragged Metals; sectors like Auto, Realty and Media ended flat to negative. Banking, Financial Services, Pharma, IT, Oil & Gas and Consumer Durables closed in green.
Nifty has recovered 7% from its recent low of 15183 levels as fall in crude and commodity prices provided some relief to the market. Even Nifty valuation at around 17.5x one-year forward PE has turned attractive which led to value buying in several index heavy weights. Healthy monsoon progress, lower intensity of FII selling and robust macro data points like GST collection, services PMI data, have turned the sentiments positive. Going ahead, market will now track earnings season which begins on Friday with the release of TCS results. Impact of inflation on corporate earnings and management commentaries would be the key monitorables this results season. Market would also take cues from the macro data like GDP, CPI, Inflation and IIP data both on the domestic and global front that will be released next week.
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