Daily market commentary : Domestic equities opened positive but soon drifted into red witnessing huge sell-off amid profit booking by Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily Market Commentary On 23 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities opened positive but soon drifted into red witnessing huge sell-off amid profit booking. Nifty plunged 333 points (-1.5%) to close at 21239 levels while Sensex fell 1000 points to close at 70370. Broader market witnessed sharper fall with Midcap100/Smallcap100 down 3% each. Pharma was the only sector which gained 1.7%. Rest all sectors witnessing selling pressure with Media being biggest loser of 13% on the back of Zee-Sony deal being called off. Nifty Realty too fell 5.3% following weak results from Oberoi Realty. PSU Banks, Railways, Power Utilities were some of the sectors which saw profit booking after witnessing sharp run-up in the recent past. Global sentiments turned cautious after Fitch Group statement that South Asian economies would be most affected, amid rising hostilities in the Red Sea due to Houthi attacks and India’s economic forecast faces a significant risk on account of a prolonged spell of disruptions. Further BoJ followed China and kept interest rates unchanged. Now investors are awaiting US GDP data due late today along with ECB rate decision due later this week. On the domestic front, this week is a truncated week with just three trading days. Given weak global cues and mixed set of earnings released so far, the market is likely to consolidate and may drop a little further till the next set of fresh positive triggers.
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