IGI Logo

Daily market commentary 01 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities traded on a tepid note on account of ease in India’s manufacturing data and mixed set of earning reports. Nifty opened higher but soon gave up its initial gains to close flat at 19734 levels. Action was seen in Nifty small cap 100 – up +0.7%. Among sectors, IT, Metals, Pharma, and Private Banks ended in the green. Metal stocks saw a smart move on the back of expectations of more stimulus from China and metal prices touching a 3-month high on LME. Overall, we expect the market to consolidate in a range with a positive bias as we move further into the earning season. BOE interest rate decision along with a slew of economic data points including US Manufacturing PMI and monthly Non-Farm Payroll data during the week would provide direction to the markets.

Above views are of the author and not of the website kindly read disclaimer