Published on 28/09/2021 5:41:40 PM | Source: Motilal Oswal Financial Services Ltd

Daily Market Commentary 28 September 2021 by Mr. Siddhartha Khemka, Motilal Oswal

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Below is the Daily Market Commentary 28 September 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Equity market opened positive but could not sustain at higher levels and witnessed profit booking. However, it made smart recovery towards the fag end of the session, recouping over half of the losses, to finally end the session ~0.6% lower. On the sectoral front, the IT and realty indices fell 2-3%, while PSU bank, power, oil & gas and metal indices ended in the green. Global markets witnessed weakness as investors continued to remain cautious over the inconclusive German election along with Chinese property group Evergrande’s ongoing debt crisis and eyed the potential impact of a widening power shortage in China. PBoC tried to assure the investors by pledging steady monetary policy as long as required given signs of economic stress. Energy prices rocket to new all-time highs while Brent is at 3-year high which is making investors nervous about its impact on the economy. All this along with testimony of US Fed Chairman on US economy in front of Congress pushed 10-year Treasury bond yields above 1.50% for the first time in two months.

Markets are likely to consolidate at higher levels given the sharp run-up in the past few weeks. Markets are increasingly witnessing rotation from outperforming sectors to under-valued stocks. This week lot of macro data points would be released viz. PMI data across US, Europe and China along with US and UK’s GDP data and Japan’s MPC, which would keep the markets busy. Today API monthly report by OPEC would be released which would give fresh outlook on the world oil market amidst soaring crude prices. Also we might experience some volatility ahead of monthly F&O expiry on 30th September.


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