Market Roundup : Nifty now needs to sustain above 16000 mark Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 6th July 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty opened flat but quickly gained strength during the session to close near day’s high at 16005 (up 1.23%, 194 points). Strong Services PMI data and positive FII buying after a long time led to Nifty reclaim and close above 16k mark. Broader market too ended in green with midcaps gaining 1.9% while smallcaps gaining 0.5%. On the sectoral front, the Auto, FMCG, Realty, IT and Bank indices gained 1-2%, while selling was seen in the Metals and oil & gas space. Metals however recovered towards the end following China plans to invest $75 bn in infrastructure fund to revive economy.
Global markets were trading mixed with European markets witnessing rebound, recovering some ground following sharp losses the previous session. Sentiments turned positive after Germany announced impressive economy data, wherein new orders to German manufacturers rose for the first time in four months in May. However, Asian markets were down 1-2% on the back of euro being at a 20-year low as recession fears flowed through markets, while political uncertainty hit the pound as UK Prime Minister Boris Johnson suffered a series of resignations.
Indian market has been gaining strength in the last couple of days on the back of positive FII flows, sharp fall in global commodity prices including crude and strong services PMI data. Sharp cool off in the oil prices has improved sentiments for oil sensitive sectors like FMCG, Cement, paint and Auto. Real estate stocks were also in focus on back of strong demand in key markets like Mumbai. Nifty now needs to sustain above 16000 mark to keep the positive momentum going ahead. The upcoming results season would provide further direction to the market going ahead.
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