IGI Logo

Below is Daily Market Commentary 09 March 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Indian equities opened on a firm note after Ukraine indicated that he is no longer pressing for NATO membership. Nifty opened positive and surged higher ahead of the state elections outcome (Thursday) aided by gains in large-cap. The index finally closed the day with gains of 332 points (+2%) at 16,345 levels. Broader market mirrored the benchmark and closed with gains of more than 2%. Except for Metals, all sectorial indices ended in green with Media being top gainer up 4%, followed by Realty up 3%. After witnessing sharp move in India VIX in past few days, volatility index cooled off by 4% to 27.5 levels.

Investors globally remained cautious, after the US banned Russian oil imports over Moscow's invasion of Ukraine. Also, Britain announced that it would phase out the import of Russian oil and oil products by the end of 2022. However, hope of humanitarian route opening up led European markets surge higher by ~4%.

While market has seen pullback from previous day’s low of 15,670 levels, in near term volatility cannot be ruled out till the uncertainty looms over the Ukraine conflicts. Investors will watch out for the state elections result on Thursday. Any positive outcome in favour of BJP will add to optimism in the market. However, one needs to remain cautious in coming days on account of, ECB and US Fed meeting.

Above views are of the author and not of the website kindly read disclaimer