Market Roundup :Domestic equities witnessed volatility amid weak global cues Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services
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Daily market commentary By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities witnessed volatility amid weak global cues. Nifty opened gap down and recovered partially during the day to close with loss of 217 points (-1.2%) at 17,543 levels. On the other hand broader market despite opening lower immediately recovered and traded in green throughout the day. Sector wise it was mix with Realty, PSU Bank and Auto ending in green. While IT, Pharma, Oil & Gas, Financial Services, Metals and Private Banks were laggards.
Global markets were negative as concerns heightened over a hawkish Federal Reserve stance on monetary policy tightening and economic slowdown in China. Further data released on Wednesday showed Eurozone inflation rising to record high of 9.1% YoY in August while Japan inflation touched 24 year high.
Domestic markets started the new month on a volatile note. Weak global cues and rise in China-Taiwan tensions led to softening of global economic markets. Indian equities have been witnessing wild swings for the last few days. However Strong macro data, along with positive institutional flows have helped provided support at lower levels. Also action continues in mid and small caps with niche sectors doing well. Auto, Cap Goods, Defence, consumption, real estate, healthcare stocks are in string momentum which is likely to continue.
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