Below is the Views On daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Equity markets snapped its three day fall on the back of positive global and domestic cues. Both Sensex/Nifty ended 1% higher to close at 41,575/12,249 respectively. Even broader market participated with Nifty Midcap 100/ Nifty Smallcap 100 gaining 0.9%/1.3% respectively. All the sectoral indices ended higher with PSU Bank and Realty being the top performers. Positive comments from the US and China about the trade deal uplifted market sentiments. PSU banks surged ahead of a key meeting between FM Nirmala Sitharaman and bank chiefs tomorrow, which is also expected to take up discussion on NPA recovery through both NCLT and non-NCLT means apart from a review of financial performance of the lenders and their business growth. Moreover, another announcement of bond sale next week and capital infusion from the government in three PSU Banks (Allahabad Bank, UCO Bank and Indian Overseas Bank) was cheered by the market.
Year-end holidays next week may keep markets lacklustre. Global markets are ending the year on a high as hopes of an early phase 1 deal between US and China has improved sentiments. On the domestic front, RBI is expected to conduct the operation twist for the second time next week in an effort to bring down long term interest rates.
Technically, Nifty formed a positive candle on daily chart. Nifty breached Lower Highs – Lower Lows sequence of last three session and till the time, it sustains above its support of 12100, we maintain positive stance on market for an up move towards 12350 then 12400 zones.”
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