IGI Logo

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

Domestic equities despite being volatile in a broad range, finally end in green for a second straight day, as investors have begun to digest the outcome of the Lok Sabha 2024 elections. Nifty gained 201 points (+0.9%) to close at 22821 levels. Broader market witnessed sharp rally with midcap100/smallcap100 up 2.2%/3.3%. PSU Banks, IT, Realty, Oil & Gas were major gainers – up 2-4%. Except for FMCG which witnessed profit booking, all other sectors ended in green. Investors heaved sign of relief as the confidence strengthened post two key allies pledged their support to form a new government with the BJP. Even global factors contributed to today’s rally as the hopes revived for rate cut possibility in US Fed’s September meet, after weaker than expected jobs data. All eyes will be on government formation this weekend along with ECB meet today and RBI policy outcome and commentary tomorrow.

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