22-09-2023 06:04 PM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : Domestic equities extended a decline in continuation to the ongoing profit booking amid fragile global cues Says Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 22 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities extended a decline in continuation to the ongoing profit booking amid fragile global cues. Nifty continued its downward momentum for the fourth consecutive day and closed with a loss of 68 points at 19674 levels. Except for PSU Bank and Auto, all sectors ended in red. smart rally was seen in PSU banking stocks after reports that Indian bonds would be included in the JP Morgan emerging debt market index from June’24. Sharp surge in US bond yields following the Fed's decision to maintain a higher interest rate stance, and heavy selling by FIIs (?7,300crs in last three days) attributed to profit booking in the market. We expect the market to remain under pressure in the near term given the global concerns. Thus, we suggest investors to have higher allocation towards defensive and large-caps. Investors would look for economic data like US & UK GDP numbers, EU inflation, US & China Manufacturing PMI, and India’s Infrastructure output which is due next week for further direction.
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