Daily Market Commentary 30th December 2021 By Mr. Siddhartha Khemka, Motilal Oswal
Below is the Daily Market Commentary 30th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services
Domestic equities opened on a subdued note but edged higher and remained in positive territory for major parts of the day amid monthly FNO expiry and tepid global cues. After a minor selling pressure in the last hour, Nifty managed to close above 17,200 mark with petty loss of ~10 points. Broader market remained mixed with nifty midcap down -0.4% while nifty small cap gained +0.4%. Among sectors, IT was top gainer up +1%, followed by Consumer durables, Pharma and FMCG. While selling was seen in Metals, Realty, PSU Bank, Auto and financial services.
Global markets were mixed as uncertainty loomed over coronavirus-related curbs and restrictions amid rising number of cases which capped the gains. With coronavirus cases at record highs, some countries are trying to limit the economic damage by setting restriction on travel rather maintaining complete lockdown.
Markets are expected to remain sideways over next few sessions due to thin volume on account of holiday mood and lack of trigger. Investors are cautious and are on the sideline given uncertainty around severity of Omicron cases. 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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