15-04-2024 05:14 PM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : Broader market was down more than 1% amid a rise in India's VIX (Volatility Index) by 8% Says Mr. Siddhartha Khemka, Motilal Oswal

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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.


Geo-political concerns globally weighed on Indian markets with Nifty opening gap down and remaining under pressure throughout the session to close with a loss of 247 points (-1.1%) at 22273 levels. Broader market was down more than 1% amid a rise in India's VIX (Volatility Index) by 8%. Barring Oil & Gas, selling was seen across the sectors. Weakness in the global market on account of the Iranian attack on Israel, persistent concerns over higher-for-longer U.S. interest rates, and weak earnings, weighted on Indian equities. Further, India's WPI inflation accelerated to a three-month high of 0.53% in March, driven by food and primary articles dampening the sentiments. Thus, we expect domestic markets to witness near-term headwinds amid rising volatility. With the start of result season and poll promises by several political parties, we may continue to see sector & stock-specific action. Globally, Investors will keenly watch out for US core retail sales and China Q1 GDP numbers which will be released late today for further cues.


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