Daily Market Commentary : Nifty traded sideways to close with minor gains of 27 points at 22529 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 traded sideways to close with minor gains of 27 points at 22529 levels. India Vix surged by 6% above 21 levels. Sector-wise it was a mixed bag with buying seen in Metals, PSU Banks, and Oil & Gas. Metal sector rallied ~4% on the back of a surge in base metal prices. Niche sectors like Railways and Defence were in momentum on the back of impressive Q4 numbers. Despite FIIs selling and India Vix at elevated levels, markets have stabilized and we expect a gradual up-move going forward. Key events to watch this week – UK inflation data, US Existing Home Sales number and FOMC meeting minutes.
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