Daily Market Commentary : Nifty swung between gains and losses to finally close the volatile day flat at 22336 levels 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
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.
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