Daily Market Commentary 21 September 2021 by Mr. Siddhartha Khemka, Motilal Oswal
Below is the Indian markets opened positive and after remaining lacklustre in the initial half by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Indian markets opened positive and after remaining lacklustre in the initial half, it surged higher in the second half to close near days’ high. Global markets bounced back as fear with regards to collapse of struggling Chinese developer Evergrande Group like Lehman Brothers eased a little. Further with global economy slowing down due to rising Delta variant cases, investors are anticipating the central banks would continue with their dovish tone Except consumer durables and auto, all other sectoral indices ended in the green, with realty, IT and metal indices up 2-3%. Broader market ended on a mix note.
Global cues would continue to influence market this week as all eyes are set on ECB and US Fed MPC outcome where the expectation of continuation of dovish stance is running high. On the domestic front, with active cases falling to 6-month low, sentiments continue to be buoyant as the economic recovery continues. However, with valuations getting stretched, there would be bouts of volatility intermittently and hence traders should navigate cautiously.
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