Powered by: Motilal Oswal
28/10/2021 5:34:00 PM | 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
Daily Market Commentary 28th October 2021 By Mr. Siddhartha Khemka, Motilal Oswal Financial Services

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

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here