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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

The Indian stock market opened on a flat note but soon came under selling pressure, with Nifty closing near day’s low at 24,005 (-0.8%). Broader market indices Nifty Midcap100 and Smallcap100 were marginally down, losing 0.2-0.3% each. The global cues were mixed as US markets closed lower on Thursday, with heavy-weights Tesla and Apple weighing on the indices. Asia-Pacific saw mixed results, while Europe markets gained. On the sectoral front, Oil and gas companies were in focus as Brent crude prices rose to a 3-month high above $76 per barrel. PSU Banks gained after strong Q3 business update from Punjab National Bank and Bank of Maharashtra. The FIIs turned net buyers for over Rs1500 crores after 12 consecutive trading sessions of selling. The US manufacturing PMI fell to 49.4 in December from 49.7 in the previous month on account of decline in new orders and an acceleration in input costs. US weekly jobless claims hit eight-month low as labour market remains resilient, reinforcing the Federal Reserve's projections for fewer interest rate cuts this year. In the near term, we expect markets to witness stock/sector specific action on the back of pre quarterly business updates released by companies, ahead of their Q3 results.

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