Daily Market Commentary : April U.S. nonfarm payroll report showed 177,000 jobs added, topping the 133,000 forecast Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty50 ended with gains of 114 points at 24,461 (+0.5%), driven by positive global cues amid optimism over US-China trade deal and stronger-than-expected US jobs data. April U.S. nonfarm payroll report showed 177,000 jobs added, topping the 133,000 forecast. Continued buying by both FIIs and DIIs over the last five trading sessions has been further supporting the market sentiments. Brent crude prices fell below $59 per barrel- returning near to the four-year low hit in Apr’25. This led to buying momentum in shares of oil marketing and other crude-derivative companies with Nifty Oil and Gas index gaining 1.7%. Defence stocks rallied as continued tensions between India and Pakistan prompted a fresh round of buying in the sector. Better than expected results and strong growth outlook from RR Kabel infused fresh enthusiasm into the wires and cables segment. Broader market indices outperformed with Nifty Midcap100 and Smallcap100 rising by 1.8% and 1% respectively. Investors will be closely monitoring the US Fed’s interest rate decision on Wednesday and the following commentary for insights into the US economy post contraction in the Q1 GDP. We expect the market to continue its consolidation with a positive bias, while tracking global cues and developments on the geopolitical front. Result reactions would drive sector/stock-specific movements with companies like Godrej Consumer, BSE, HPCL, CG Power, Polycab amongst others announcing results tomorrow.
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