Daily Market Commentary : Domestic equities closed positively for the second consecutive day led by positive global and domestic cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 04 September 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities closed positively for the second consecutive day led by positive global and domestic cues. Announcement of fresh stimulus announcement by China for its property sector and rising expectation of rate pause by US Fed in upcoming meeting led to buying in Metals and IT stocks. In addition report of strong macro data points last week on the domestic front including, GDP, Manufacturing PMI, GST, core sector growth along with healthy auto monthly numbers, boosted investor sentiments. Nifty opened positive and ended the day with gains of 94 points (+0.5%) at 19,529 levels. Broader market outperformed with Midcap100/Smallcap100 up 1%/1.3%. Except FMCG all sectors gave positive return with IT, PSU Banks and Metals rallying 2-3%. Sugar stocks were in focus today following higher surge in international sugar prices on account poor rain in Brazil and India while demand is likely to improve ahead of festive season. Even cement counters buzzed today on news of price hikes undertaken for the month of September and firm demand. Going ahead, domestic positives should continue to support indices with broader market sustaining momentum. Sectoral rotation would continue with niche and underperforming sectors likely to do well. Tomorrow market would await Services PMI data from Europe, UK and India that would be important for the market.
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