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Below is the Daily Market Commentary 14th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Benchmark indices opened negative and witnessed volatility amid weakness seen in global markets. While indices managed to recover from the day's low, they still ended the day in red with Nifty/Sensex down 43/166 points (around 0.3%). With several Central bank meetings this week, sentiment in the market remained cautious. The broader market were in-line with benchmark and closed with negative bias. Among the sectors, media, pharma, oil & gas and metals ended in the green up 0.4%-1%. While auto, FMCG, consumer durables and PSU Bank ended in the red. India VIX was up ~2.3% at 16.9 levels.

Among Stocks, Anand Rathi Wealth opened at a 9% premium on its debut. Drug maker Lupin surged 6.2% after its Goa manufacturing plant got the establishment inspection report (EIR) from the US drug regulator. Among others Power grid, Divis lab, Axis bank, Nestle and Dr Reddy were top gainers. While ITC, Bajaj finance, Tata consumer, Kotak bank and Bharti airtel were top losers.

Global markets continued to remain mixed as investors remains cautious about the economic risks posed by potentially reduced central bank support and the omicron COVID-19 variant. The US Federal Reserve is scheduled to announce its latest interest-rate decision on Wednesday, followed by the European Central Bank (ECB) and the Bank of England on Thursday. Global oil markets have returned to surplus and face an even bigger oversupply early next year as the omicron variant impedes international travel, as per the International Energy Agency.

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