Below is the View On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Indian equity markets opened gap up and ended in green for sixth day in a row. Nifty closed 52 points higher (+0.5%) at 11,323, while Sensex ended 225 points (+0.6%) higher at 38,407. However, the broader market was mixed with Nifty Midcap 100 down -0.3% while Nifty Smallcap 100 was up +0.4%. Majority of the sectors ended in green with Metals (+2%) and Private Banks (+1.7%) leading the rally. Pharma (-1.4%) and IT (-0.6%) witnessed some profit booking today. India VIX further cooled down 5.6% to 21.3 levels.
Global cues turned buoyant post the news that the first coronavirus vaccine is getting registered in Russia. On the domestic front, better than expected earnings season continued to cheer the market. The near term momentum may continue in market with in-between leaps and bounces, on the back of expected US stimulus measures, China’s improving economic data and further positive development over Covid vaccine. Going ahead, investors would watch out for economic data points which are due this week along with AGR case hearing on Friday and any further announcement of stimulus.
Technically, Nifty has been making higher lows from last six trading sessions which indicates that overall bullish structure is maintained. Now, it can see an up move towards 11500 while support exists at 11200.”
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