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01-01-1970 12:00 AM | Source: Motilal Oswal Financial Services
Daily Market Commentary : Nifty opened flat and moved in a narrow range to close with a loss of 73 points at 19672 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 24 July 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities ended in a negative zone amid mixed results locally as well as globally and disappointing German PMI. Nifty opened flat and moved in a narrow range to close with a loss of 73 points at 19672 levels. The majority of the sectors ended in red with FMCG down 1.7%. While Pharma, PSU Bank, and Realty ended in the green. Niche sectors like railway stocks were in the limelight after media reports suggest Indian Railways plan to float a tender of ~?25k crore to procure 60k wagons in July-Sept. We expect some cautiousness ahead of the US Fed meeting where in 25bps hike is expected, while investors keenly await commentaries. With the quarterly earnings season now at full pace during the week, we expect stock-specific action to continue in the market.

 

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