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12-04-2024 05:34 PM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : All sectors including midcap and smallcap ended in red with Oil & Gas, PSU Bank, and Pharma being major losers Says Mr. Siddhartha Khemka, Motilal Oswal

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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

 

Weak global cues and profit booking at higher levels dragged Nifty down to close with a loss of 234 points (-1%) at 22519. All sectors including midcap and smallcap ended in red with Oil & Gas, PSU Bank, and Pharma being major losers. Markets on Wednesday touched a new scale, with Nifty touching 22775 levels. However, uncertainty over the US Fed rate cut timing and concerns about rising tensions between Iran and Israel led to a decline in global markets. The rise in bond yields due to hotter-than-expected US inflation and amendment in the India-Mauritius tax treaty likely to impact FII flow dampened the sentiments. We expect markets to remain volatile in the near term given the global concerns and the start of an election next week. With the onset of the earning season, the focus will more shift toward domestic cues along with macro data points. Markets on Monday will react to India’s inflation data and TCS Q4 numbers which will be released today.

 

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