Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel https://t.me/InvestmentGuruIndia
Download Telegram App before Joining the Channel
Below is the Views On Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
“Equity markets ended in red today, erasing the gains of the first half. Nifty closed down 0.4%, ending the session at 12,081. However, the overall market breadth was positive with Nifty Midcap 100/Nifty Smallcap 100 up 0.7%/0.4%. Sectorally, it was a mixed bag with PSU Banks being the biggest gainer followed by the Metals. On the other hand, IT was the loser followed by FMCG and Media.
The global markets cheered Chinese Central Bank’s effort of cut in interest rates to help ease credit for companies stricken by the virus outbreak. However, the concerns over the economic impact of the coronavirus on world economy still kept the investors on edge. Further, rise in crude oil prices too weighed on investor sentiment.
Investors will focus on the US President Donald Trump’s India visit next week and would await clarity on the major trade deal that the two countries are working on. Market would continue tracking the global developments around coronavirus and thus could continue witnessing volatility. We expect the markets to remain narrow and concentrated in the absence of any major event.
Technically, Nifty formed a small bodied candle with long lower shadow on weekly time frame, which indicates that dips got bought into. At current juncture, Nifty’s support stands at 12030 levels, and until this holds we maintain our positive stance for a bounce towards 12200-12300 levels.”
For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412
Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer