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Daily market commentary 28 April 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Indian markets made a comeback on account of positive global cues and short covering seen on the day of monthly expiry. Nifty swiftly recovered its previous day losses and closed with gains of 207 points (+1.2%) at 17,245 levels. Broader markets too ended in green with Nifty Midcap 100 up 0.6% while Nifty Smallcap 100 up 0.4%. Except Media (down -3%), all sectorial indices ended in positive territory with FMCG, IT, Pharma, Banking and Oil & Gas gaining 1-2% each.

Global cues were positive as investors focus shifted on slew of earning releases with heavyweight companies reporting healthy results.

Globally markets are witnessing volatility as investors remain concern over economic slowdown, lockdown in China, high inflation and potential aggressive US rate hikes, thus, keeping the bulls in check. Investors would continue to monitor developments on the Russia-Ukraine war front and Russia's next move with regards its gas supplies to Europe. Back home, markets are reacting to earning releases. Nifty is holding well above 17,000 mark largely supported by Index heavyweight Reliance. Reliance Industries crossed market capitalisation milestone of $250 billion for the first time with shares hitting a record high on Thursday on the back of expectation of strong results. India VIX is trading in a range of 17-21 levels, indicating markets likely to remain in broader range in near term.

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