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Below is the Daily Market Commentary 9th December 2021 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

Indian equity market witnessed increased volatility after two days of strong momentum. However benchmark indices managed to close the day in gains for 3rd consecutive session. While Nifty and Sensex closed with gains of around 0.3%, broader market outperformed with midcap index up 0.6% and smallcap index gaining 1.2%. Profit booking was witnessed in private banks, IT, financial services and reality sectors. On the positive side were media, FMCG, oil & gas, and auto.

Market has seen good recovery in the last three days as buying emerged at lower levels with the comfort of lower valuation and receding fears of Omicron virus. We expect the market to consolidate at current levels for the next few days after moving up sharply. The overall structure to remain positive, hence suggest trades to maintain buy on dips strategy.

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