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Below is the Daily Market Commentary 29 March 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities traded with positive bias amid falling crude oil prices, in line with its global peer. Nifty opened positive and closed near day’s high with gains of 103 points (+0.6%) at 17,325 levels. Broader market too ended in green with gains of 0.4%. Sectorial indices were mixed bag. With Pharma, Consumer Durables and Financial Services up more than 1% each, followed by Realty, Private Bank and IT. While selling was seen in Media, PSU Bank, Oil & Gas, FMCG and Auto. Volatility Index, India VIX was decline sharply by 6% at 21.3 levels.

Global markets edged higher as investors look forward to another round of peace talks between Ukraine and Russia in Turkey. Bank of Japan continued to ease monetary policy aggressively in order to control rising yields parallel to Fed’s decision led to gains in Asian markets. 

Fall in crude oil prices and another round of peace talks between Russia-Ukraine provided the market with much needed optimism. Buying interest is visible at lower levels for second consecutive day, with Nifty trying to breakout from its range on higher side. Fall in volatility to 21 levels is also supporting the markets. Beaten down sectors like cement and realty are witnessing fresh buying on account of attractive valuation and hope of price hike to pass on higher input cost. Also buying interest is seen in Pharma, Consumer durables and Financial Services. However, traders need to remain cautious ahead of F&O monthly expiry.

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