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Below is the Daily Market Commentary 10th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Indian equity markets opened on a tepid note and witnessed profit booking in the absence of any positive triggers. Global cues too where tepid leading to selling pressure in the first half. However, buying emerged at lower levels, leading the benchmark indices to recover the day’s losses and close almost flat in marginal red. Both Sensex and Nifty closed with marginal loss of 20 points and 6 points respectively. Broader market outperformed for the second day with both midcap and small cap indices gaining 0.8% each.

Today, profit booking was witnessed in financial services, FMCG, IT and private banking space. while buying was seen in media reality and metals. PSU banking index was the lead gainer up 2.6% after news that government may consider the crucial banking amendment Bill.

Global markets eased off ahead of US inflation data and disappointing GDP numbers from UK. As expected markets are now in a consolidative mode and awaiting fresh triggers for next leg of upmove. Traders advised to keep 'buy  on dips' strategy and remain stock specific as action is being witnessed in the broader market.

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