Daily Market Commentary 13 January 2022 By Mr. Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 13 January 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Indian markets opened positive and despite intraday volatility managed to closed in green for the fifth consecutive day. While Nifty ended with gains of 45points (+0.3%) at 18,258 levels, Broader market gained of 0.6. Among sectors Metals were top gainer up 3.5%, followed by Pharma, Oil & Gas, Media, PSU Bank, FMCG and Auto. While selling was seen in Realty, Private Bank, Financial Services and Consumer Durables.
Global markets were mixed as US inflation data came in line with investor’s expectation. The U.S. consumer price index rose 7% in the 12 months through December, the biggest annual increase since 1982, influenced by supply chain disruptions and labour shortages. Even in India retail inflation hit six-month high of 5.59% in December leading to some cautiousness in equity markets.
Markets have recovered sharply by more than 11% from its recent lows of 16,400 levels in just 20 days. Low impact of omicron variant and positive macro data points have helped improve the sentiments. However, valuations are no longer cheap and require strong earnings delivery for sustenance of positive movement in the market.
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