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Below is the Daily Market Commentary 11th November 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Equity markets opened negative amidst weak global cues and witnessed further selling pressure throughout the day to finally end ~-0.7% down. Broader markets too fell in tandem.

Global cues were weak as US inflation surged to 31 year high at 6.2%, following which dollar surged to 16-month high and U.S. Treasury yields leapt by the most since February to nearly 1.6%.

Going ahead, market is likely to continue with its consolidation given weak global cues, persistent FII selling and last leg of earnings season. Investors would now await clues from US Fed as to how soon it would start hiking interest rates. Otherwise the domestic macro trends continue to be encouraging while active covid cases continue its declining path. Thus long term investors should buy into this correction in staggered manner while traders should follow stock specific action.

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