01-01-1970 12:00 AM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary 28th October 2021 By Mr. Siddhartha Khemka, Motilal Oswal Financial Services
News By Tags | #607 #879 #4315 #5496

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

https://t.me/InvestmentGuruIndiacom

Download Telegram App before Joining the Channel

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

Equity markets opened negative amidst weak global cues and continued its downward movement throughout the session. The indices ended almost 2% down led by a cross-sector selloff amid the monthly FNO expiry. All sectoral indices ended in the red with PSU bank, metal, realty, oil & gas, media, pharma indices down 2-5%. Broader markets too bled, with the midcap and smallcap indices down more than 1.5%.

Global Markets continued to trade with cautious as investors digested a stream of mixed earnings and await ECB’s monetary policy outcome (due today) and views on the outlook for inflation and an expected push back against rising interest rate projections. Asian fashion brands and airlines revive as lockdowns ease and vaccination rises, boosting travel and leisure activities.

Relentless selling by FIIs over last two weeks has led to weakness in the market. They have sold over Rs10,000 crore in Indian equities in past five sessions. Further mixed earnings season along with premium valuations also exerted pressure in the market as there is little room for disappointment. Global cues continue to be weak on account of high inflation hurting global growth, rising covid cases in some countries, and mixed earnings season. Investors are now awaiting the US GDP data and ECB monetary policy outcome due later in the day today. Markets also await U.S. Federal Reserve and Bank of England meetings next week.

 

Above views are of the author and not of the website kindly read disclaimer