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Daily market commentary 03 August 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty opened lower and witnessed volatility on account of weak global cues and ahead of weekly expiry. However, the index recovered from low in the last hour of the session and closed near day’s high with gains of 43 point at 17,388 levels. Broader market too were weak and ended in Red with Nifty Midcap down -0.7% and Nifty Smallcap down -0.5%. Barring IT, Oil & Gas and Financial Services, all other sectors ended in negative territory

Oil prices fell below 100$/bbl ahead of a key meeting of OPEC+ producers to discuss future output.

Both global as well and Indian markets shrugged off the increasing geo-political tension surrounding Taiwan to close in green. Strong momentum in the market over the last few days has helped pull-up Nifty by more than 1000 points in the last 6 trading sessions. Strong macro data, positive FII flows, steady earnings and healthy progress in monsoon have been some of the key factors supporting the market. In the near term it could be a tug of war between domestic and global factors which could determine the market direction.

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