Daily Market Commentary 14th October 2021 by Mr. Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 14th October 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equity continued its northward journey amid positive global cues, strong economic data and expectation of upbeat Q2 earnings. Indices made new highs with Nifty/Sensex surpassing 18,300/61,300 levels to close with gains of almost 1% each. The broader markets too ended in green with gains of around 0.6%. Buying was spread across most sectors, except for Auto which witnessed some profit booking after the sharp rise in the last couple of days.
Global markets extended their gains as the start of the earnings season reassured investors that the economic recovery is still on track despite inflationary pressures. Brent crude spiked 4-year high to above $84/bbl.
Bulls continued to remain in charge of Dalal street amid volatility, setting the stage for festive season. While there are not much negative triggers, macroeconomic trends keep improving month-on-month. Markets are in clearly festive mood and we are witnessing fasters sector rotation at play. IT sector was in limelight today post strong numbers from Infosys, Wipro and Mindtree. The earning season has started off on a strong note and needs to continue delivering strong numbers for the market to sustain the current momentum. HDFC Bank’s results on Saturday would give some direction to banking & financial stocks on Monday.
Above views are of the author and not of the website kindly read disclaimer
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