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Below is the Daily Market Commentary 8th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Indian equity market witnessed strong positive Momentum for the second consecutive day on the back of positive global cues and status quo maintained by RBI policy committee. Nifty opened positive and witnessed by interest throughout the day and closed with gains of almost 300 points. Both Sensex and Nifty gained around 1.7% for the day. Broader market to performed in line with midcap and smallcap indices gaining 1.6- 1.8%. Strong buying was seen in rate sensitive like PSU banks auto banking and reality stocks. Metals too were in focus.

RBI in its monetary policy meeting decided to keep repo rate unchanged at 4%. The central bank retained its GDP growth forecast at 9.5%, and inflation at 5.3 % for the full year. Both Nifty and Bank Nifty are recovering well from the recent correction. Strength is clearly visible along with strong buying interest in the market. Hence traders are advised to maintain buy on dips strategy for the next few days.

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