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Daily market commentary 03 August by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Indian equities saw profit booking for third consecutive day amid weak global cues ahead of BOE interest rate decision. Nifty opened lower and remained in negative territory throughout the session to close with loss of 145 points (-0.7%) at 19382. Except for Pharma, weakness was seen across the sectors. Realty, Financial Services and Oil & Gas were top laggards. Domestic market continued to witness downward pressure as investor’s sentiments turned sour in the wake of the rating agency Fitch’s decision to downgrade the US credit rating. Going forward, markets will take cues from BOE interest rate decision outcome along with the important macro data like US Jobless Claims, Service PMI, and non- manufacturing PMI to be release today (Thursday). Overall, the trend of the market remains positive with the current decline to be utilize as buying opportunity.

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