Published on 13/02/2020 6:07:04 PM | Source: Axis Securities Ltd

Daily Market Commentary 13 February 2020 by Mr. Siddhartha Khemka

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Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

“Equity markets closed in red again after two days of strong run on account of weak domestic and global cues. Nifty was down 0.2%, ending the session at 12,175. Even broader markets breadth was negative with Nifty Midcap 100 down 0.2% while Nifty Smallcap 100 ended flat. Sectorally it was mixed with Pharma, IT, Media and FMCG being the gainers while Banking, Auto, Realty and Metals were the losers.

The rise in new cases of Coronavirus epidemic weighed on the market sentiments globally. Further investor sentiments in India turned negative as IIP declined again by 0.3% in Dec'19 after rising by 1.8% in Nov'19, entirely attributable to lower manufacturing production. On the other hand, CPI-based retail inflation shot up to a 68-month high of 7.6% in Jan'20 from 7.4% a month ago, led by increase in core inflation while food inflation moderated. Overall, this combination of weaker growth and higher inflation is very concerning and it further weakens the case for a rate cut in the foreseeable future. Tomorrow Shree Cement, ONGC, Glenmark, Muthoot Finance among others would be declaring their results which would result in stock specific action in the market.

Technically, Nifty formed a Bearish candle on daily scale but supports are intact at lower levels which may attract buying interest on declines. Now it has to continue to hold above 12150 zones to witness an up move towards 12280 then 12350 zones while major support shifts at psychological 12000 zones.”


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