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Daily market commentary 13 October 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities were down today after weak results announced by IT heavyweights and higher-than-expected US inflation data. Nifty opened gap down but recovered from lower levels to close with a marginal loss of 43 points at 19751 levels. Sectorially it was a mixed bag with buying seen in Auto, Realty, Pharma, and FMCG. Globally, continued conflict between Israel-Hamas and the likelihood of another rate hike by the US FED has kept investors on the edge. In the near term, markets would continue to take cues from macroeconomic data and ongoing Q2 results. Among index heavyweights, HDFC Bank will announce results on Monday, followed by Bajaj Finance, HUL, Bajaj Auto, Wipro, and ITC during the week. Overall, Indian markets have shown resilience despite several global headwinds gaining 0.5% for the week. We expect markets to remain in a broad range with positive bias on the back of strong economic data along with expected healthy corporate earnings.

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