IGI Logo

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

Nifty witnessed a sharp correction and fell below the 22000 zone after consolidating for last seven days. The index closed with a loss of 338 points (-1.5%) at 21998 levels. Broader market saw persistent selling and tumbled 4-5%. All sectors ended in red with Metals, Realty, Pharma, Oil & Gas, and PSU bank down 5-6%. India & US inflation data came slightly below expectations, thus dampening the sentiments. Markets failed to maintain their momentum amid intense selling seen in mid and small-cap. Ongoing scrutiny from SEBI, pending outcome of MF stress test, and expensive valuation post smart rally seen in last few months led to profit booking. We expect the sluggishness in the market to continue in the near term with Nifty’s major support ~21500 zone. Key event to watch out is India’s WPI inflation which will released tomorrow.

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