Daily Market Commentary : Domestic equities saw profit booking and slipped to 3-months low says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Below the Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities saw profit booking and slipped to 3-months low. Nifty opened marginal green, but soon gave up its early gains and witnessed second consecutive day of selling to close with loss of 160 points (-0.8%) at 19122 levels. Profit booking continued in mid-cap and small-cap stocks. Except Metals and PSU Bank, all sector ended in red. Metal stocks were in momentum after China unveiled plans for $137 billion extra debt to boost infrastructure spending. Overall we expect Indian markets to remain volatile on the back of concerns over higher interest rates, ongoing Israel-Hamas war and mixed Q2 results. On global front, investors will take cues from ECB interest rate decision on Thursday. Also US New Home Sales data will be released late Wednesday.
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