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Daily market commentary 18 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities opened on a weak note amid cautiousness in global markets. Nifty remained in negative territory throughout the session to close with a loss of 59 points at 20133 levels. Sectorially it was a mixed bag with buying seen in PSU Banks, Auto, Consumer Durables, and FMCG. A rally was seen in PSU Banking stocks after news about the nation’s sovereign debt prospects was added to global indices. Indian markets will remain closed on Tuesday on the occasion of Ganesh Chaturthi. This week markets would take cues from their global peers as several central banks including US Fed would hold policy meetings. Market is showing strength and is sustaining above 20k levels. Overall, we expect the market to gradually inch upwards with minor profit booking at intervals. Globally, Investors would track European inflation data and US housing stats that will be released on Tuesday.

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