Below is the Views on Daily Market Commentary by Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
“Indian equity markets opened positive and remained range-bound for most part of the session. Nifty ended 94 points higher (+0.9%) at 10383, while Sensex was up 329 points (+0.9%) to close at 35,171. The overall market breadth was positive with Nifty Midcap 100/ Smallcap 100 up 0.2%/0.3%. Sectorally it was a mixed bag with IT being the biggest gainer, up 4.1%, after Accenture's better-than-expected Q3 earnings. Oil & Gas (+2.3%) and Infra (+1.3%) also provided support to the market, while FMCG (-1.2%) and Pharma (-0.5%) witnessed weakness. OMCs gained as fuel prices increased for 20th straight day. India VIX corrected 4% to 29 levels.
Global sentiments were stable despite US witnessing largest one-day spike in Covid cases. The total cases globally has touched almost 10mn while in India it has reached almost 5 lakh. Positive opening of European markets provided support to the Indian markets.
Given the concerns over economic de-growth and rising infections, the market seems to be taking pause and consolidating at this juncture. Investors would keep a close watch on global cues and geo-political tensions between US-China and India-China to get market direction. We would advise investors to stay cautious and focus more on quality large caps with select exposure to good mid-cap names.
Technically, Nifty has to continue to hold above 10300 levels to get the stability to witness an up move towards recent swing high of 10555 while on the downside support exists at 10300-10250 zones.”
Above views are of the author and not of the website kindly read disclaimer