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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 fell sharply for the third day in a row. Nifty fell by 0.5% to 12107. Even broader market witnessed selling but they continued outperforming, with both Nifty Midcap 100/Nifty Smallcap 100 down just 0.1%. Majority of the sectors ended in red except IT (+1%) and Media (+1.7%). Metals (-1.5%) was the biggest loser followed by Auto (-0.9%) and Banks (-0.8%) while FMCG ended flat.
IMF slashing India’s growth outlook and a tepid start to the earnings season dampened the investor sentiments. However, oil prices fell as the International Energy Agency's (IEA) forecast of a market surplus in the first half of this year. Further with China's attempt to contain coronavirus outbreak cheered the global markets. Institutional activity has been subdued for past couple of days – which indicates their cautious stance before the big event of Budget. Also market is awaiting for some of heavyweight counters to report their numbers to gauge further direction.
Volatility in the Indian market is expected to remain high on account of the upcoming Budget. Also stock specific action is likely to continue with the ongoing results season which has been mixed so far. Some of the key results to watch out for tomorrow includes HDFC Life, PVR, Biocon, Cholamandalam and Zensar.
Technically, Nifty formed a Bearish Candle on daily scale as Bears continued to dominate and resistances are gradually shifting lower. It has been forming lower highs - lower lows from last two trading sessions. Now till it holds below 12150 zones, it could drift towards its previous Gap area of 12044 zones while hurdles are seen at 12225 then 12250 zones”.
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