Daily Market Commentary : Domestic equities opened on a positive note at all-time high levels amid positive sentiments globally Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities opened on a positive note at all-time high levels amid positive sentiments globally. Nifty after making a fresh high of 24999.75 levels, witnessed profit booking and closed flat at the 24836 level with positive bias. The broader market outperformed and gained 1%. The majority of the sectors ended in green with buying seen in PSU Banks, Realty, and Oil & Gas. Banking sector was in momentum as ICICI Bank, Punjab National Bank, and Bandhan Bank reported better-than-expected Q1FY25 numbers. Nifty was just a kiss away from the 25k mark. Once the index crosses the psychological level, we believe sentiments will get a further boost. This week market will focus on the Central Bank’s policy meeting globally as the US Federal Reserve, BOE, and BOJ will announce their decision. Thus, interest-sensitive sectors including banking will remain in focus. Overall, we expect the market to continue its gradual uptick, however, volatility cannot be ruled out ahead of key events.
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