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Below is the Daily Market Commentary 28th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Indian equity market opened in green and traded in positive territory throughout the day on back upbeat in global cues. Nifty crossed 17,200 mark and closed with gains of 147 points (+0.9%). Broader market too performed in-line with gains of more than 1%. All sectorial indices ended in green with Auto, Metals, PSU Bank, Consumer durables and Oil & Gas moved higher by ~1% each.

Chemical Sector stocks were in focus after the news that Commerce Ministry has recommended to imposed anti-dumping duty on caustic soda for five years from four (Japan, Iran, Qatar and Oman) countries.

Global markets rose higher on optimism that the economic recovery can withstand the risks posed by COVID-19 and monetary policy tightening. Oil prices eased as worries over fuel demand receded.

Market seems to have got its mojo back just before the year end. Reduced FII activity and positive news flows around economic growth has helped the market over the last few days. We expect market to remain sideways with positive bias until the end of the year. Q3 results season and build up to the upcoming budget session would be key triggers for the market in Jan 2022.

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