Daily market commentary : Indian equities saw a relief rally following its global peers and healthy domestic service PMI data Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Daily market commentary 05 October 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Indian equities saw a relief rally following its global peers and healthy domestic service PMI data. Nifty opened a gap-up and remained in positive territory throughout the session to close with gains of 110 points (+0.6%) at 19546 levels. Sectorially it was a mixed bag with buying seen in Auto, IT, and Consumer Durables. Markets saw a recovery after two days of fall amid stability in global indices following ease in US Bond yields and a fall in crude oil prices from their recent highs. Though the market bounced back today, uncertainty persists which would keep the Nifty range bound. Investors would watch out for US weekly jobless claims that would be released late today. Also, the release of US non-farm payroll data along with the RBI policy outcome tomorrow would be key events to watch out for. The World Cup 2023 began today in India, which is expected to have a positive impact on various sectors like Travel & Tourism, Hotels, Consumers, and QSR, thus these sectors are likely to remain in momentum
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