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Perspective on Sensex by Ms. Sneha Poddar, AVP - Research, Broking & Distribution, Motilal Oswal Financial Services Ltd.

“Sensex has crossed 60k mark once again within a month, showing strength in the market. Buying was seen at every fall suggesting the inherent strong fundamentals of the domestic market. Robust macro data points, healthy corporate earnings and above average monsoon is providing support to the market despite weak global cues. Though the aggressive rate hikes by global central banks are likely to continue in near term despite the fear of recession looming large, Indian market is showing resilience as it benefits from the from the strong domestic consumption and China+1 strategy. Even FIIs have been enthusiastic about Indian Markets since Aug’22, despite noise surrounding the global cues. FIIs have bought more than Rs20k crore in last 40 days. Further, fall in crude Oil prices to seven-month lows aided domestic sentiments. Now it needs to sustain this momentum going forward, for further upmove towards higher levels.”

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