Daily market commentary: Nifty recovered from lower levels to close with gains of 49 points (+0.2%) at 22104 levels Says Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty recovered from lower levels to close with gains of 49 points (+0.2%) at 22104 levels on the back of likely short covering as well as buying emerging at lower levels. Sector-wise it was a mixed bag with buying seen in Metals, Realty, and Pharma. Nifty corrected by over 500 points in the last week because of nervousness among market participants due to the rising volatility index and consistent selling by FIIs. India VIx has been on a rising trend for 13 consecutive days and surged sharply by 100% from 10 to 20 levels. Further, the outflow of Rs.21620 crores by FIIs last week also dented the sentiments. Going ahead, markets would take cues from the voter’s turnout data from the 4th phase which has been a major concern so far. Also, India’s retail inflation will be released later today.
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