IGI Logo

Daily market commentary 25 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities traded lower amid subdued global cues and inflationary concerns raised by RBI in its meeting minutes. Nifty opened gap down and remained in negative territory throughout the session to close with the loss of 121 points (-0.6%) at 19,265. The broader market saw some profit booking as Nifty Midcap 100 fell 0.8% after touching new highs. All sectors ended in red with major selling seen in FMCG, Pharma, PSU Bank, Metals, and Realty. Domestic markets came under pressure after RBI meeting minutes showed concern over rising inflation and outlook over excess liquidity. Also, investors were cautious ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole symposium. We continue to expect Nifty to be in a narrow range due to lack of positive triggers. In the meantime, niche mid and small cap sectors are likely to remain in action. 

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