Daily Market Commentary 18th October 2021 by Mr. Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 18th October 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equity market opened gap up in an unchartered territory made yet another life high. Sentiments remained buoyant throughout the day with indices ending with gains of more than half a percent. Except pharma and media, all other sectoral indices ended in the green with Metal and PSU Bank indices up 3-4%. However volatility index India VIX, too was up 9%.
Global markets remained on edge and witnessed some pressure after data showed slower-than-expected growth in China's economy last quarter and surging oil prices fed inflation concerns. Oil prices hit multi-year highs buoyed recent surge amid a global energy shortage, with U.S. crude at a fresh seven-year high and Brent at a three-year high.
Festive mood continued to remain in Dalal Street with markets touching new highs. Positive sentiments globally and good quarterly corporate results have kept the investor’s interest sanguine. Rise in global commodity prices continued which supported metals stocks while raising fears of adverse impact on inflation and interest rate. In this environment of high bullishness, one need to stay grounded of various risks including valuations. we would suggest investors to remain sector / stock specific. Result season continues with lot of heavyweights reporting their numbers which would also drive the market direction.
Above views are of the author and not of the website kindly read disclaimer
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