Daily Market Commentary 27 August 2021 by Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 27 August 2021 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
''Equity markets opened on a soft note but picked up during the day and closed at record highs. Sensex closed above 56k for the first time. Nifty / Sensex gained 68 points /176 points to close at 16,705 / 56,125 levels respectively. Broader market saw participation with Nifty Midcap 100/Nifty Small cap 100 gaining +1%/+0.8% each. Top gainers in Nifty were Ultratech Cement, Hindalco, SBI Life, L&T and Dr. Reddy’s while the top losers were Infy, Indusind Bank, Tata Consumer products, M&M and TechM. Top performing sectors were Metals(+1.6%), Pharma(+1.4%), Infra(+1.2%), IT (+0.8%) and Realty(+0.7%) while the worst performing sectors were Bank Nifty (+0.03%), Auto(+0.3%), FMCG(+0.4%) and Energy (+0.4%). Broadly all BSE sectoral indices closed in green. VIX cooled marginally by 1% and closed at 13.4 levels.
US markets would be watched closely as investors across the world await for more clarity on monetary policy from US Federal Reserve at the ongoing Jackson Hole Symposium. Also the European markets were subdued ahead of Powell’s speech on Jackson Hole. On the domestic front, market picked up some strength post the flat expiry yesterday. 10 new shares were introduced in F&O segment from today. Can Fin Homes, Dixon Technologies, Hindustan Aeronautics, Indian Energy Exchange, Indiamart Intermesh, IPCA Laboratories, MCX, OFSS, Polycab India and Syngene International were added to F&O segment. The market direction in the near term would depend on the outcome of the Fed statements.
The result season is over with better than expected delivery and vaccination drive going on in full swing. However the sharp outperformance in the past 18 months led to concerns on valuations. Also the likely impact on liquidity due to changes in global monetary policy had investors concerned over the last few days. While mid-caps have started participating in the market up move in the last couple of days we believe that large caps offer better margin of safety in the current environment and could continue to remain in focus in the near term. From the long term perspective, the overall trend of the market remains positive led by the opening up of the economy, improving economic data points and pickup in vaccinations.''
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