Daily market commentary :Nifty opened positive and strengthened throughout the session to end near day`s high at 19690 levels Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Daily market commentary 10 October 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities witnessed relief rally today after the previous session’s selloff, as the sentiments turn positive globally and the US bond yields cools off by 15bps. The global markets shed the concern over the conflict between Israel-Palestine and witnessed healthy recovery. Nifty opened positive and strengthened throughout the session to end near day’s high at 19690 levels with gains of 178 points (+0.9%). Broader market outshined with Midcap100/Smallcap100 up 1.4%/1.2%. Except Healthcare, all other sectors ended in green with Realty rallying 4% followed by sharp gains in Metals and PSU Banks. From tomorrow the Q2 earnings season would start off with TCS declaring its numbers. We expect robust 21% earnings growth for Nifty in Q2, which would be driven by domestic cyclicals (BFSI & Auto). So lot of stock specific action would be seen over next 45 days as the earnings get declared. On the index front, Nifty might continue with its consolidation with bouts of volatility as it would track the geo-political development, US bond yields and oil prices amidst result announcements.
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