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Below is the Daily Market Commentary 24th November 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Equity markets opened positive and remained range bound for most part of the session before plunging towards the last hour on account of weak global cues and profit booking – finally ending 0.5% lower. Broader market however ended on a mixed note.

Global cues were weak as Germany announced considering full Covid lockdown while investors await cautiously ahead of US GDP data and the minutes of the US Fed policy meeting.

Going ahead, the markets are likely to continue with consolidation given weak global cues, persistent FII selling and premium valuation. In the absence of any fresh trigger and subdued sentiments, investors would await for the fundamentals to catch up with valuations. Market could take direction from the US economic data and US Fed minutes which would be released later today as it fears the pace of tapering to be accelerated which could prepone the interest rate hike cycle. It would also track the Covid situation in Europe which could impact the global economic activities. Monthly F&O expiry tomorrow could add to the volatility.  

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