Daily Market Commentary 27th December 2021 By Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 27th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Domestic market opened on negative note. However, it reversed mid-afternoon after the British consultancy CEBR report said the world’s economic output will exceed 100 trillion dollar for the first time next year and India looks set to overtake France in 2022 and Britain in 2023 to regain its place as the world’s sixth biggest economy. Nifty marched towards 17,100 mark and closed with decent gains of 83 points (0.5%). Broader market too ended in green in line with benchmark. Among sectors, media lost ~1% followed by Metal and FMCG which ended flat. While Pharma was top gainer – up 1.6% followed by financial services and IT.
Global markets started the week on soft note due trading holiday in various regions. On data front, U.S. retail/ecommerce sales jumped 8.5%/11% during this year’s holiday shopping season from Nov. 1 to Dec. 24, underscoring the COVID-19 pandemic’s role in transforming customers’ shopping habits.
FII selling has reduced sharply over the last few days due to the festive holidays. Markets are expected to remain sideways until the end of the year due to lack of triggers. Q3 results season and build up to the upcoming budget session would be key events that the market would be looking for in Jan 2022.
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