Daily Market Commentary 18 January 2022 By Mr. Siddhartha Khemka, Motilal Oswal
Below is the Daily Market Commentary 18 January 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Domestic indices witnessed weakness in line with its global peers. Nifty opened positive but witnessed selling pressure and inched down towards 18k levels. It ended the day with loss of 195points (-1.1%) at 18,113 levels. Broader market underperformed with nifty midcap 100/ nifty smallcap 100 down ~2% each. All the sectorial indices ended in red with major selling seen in Auto, Metal and Realty down more than 2% each. Volatility index, India Vix rose ~5.7% at 17.73 levels.
Globally markets are weak as US treasury yields surged 1% for the first time in two years. Also, The Bank of Japan raised its inflation forecasts slightly to 1.1% from 1%.
Investors continue to monitor the global economic recovery from COVID-19. Markets have witnessed some profit-booking over the last few days and Nifty need to hold above the psychological level of 18000 to maintain the bullish stance. Traders are advised to maintain their stock / sector specific approach in the market.
Above views are of the author and not of the website kindly read disclaimer
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