Daily Market Commentary : Domestic equities snapped its five-day winning streak amid profit booking and mixed global cues Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities snapped its five-day winning streak amid profit booking and mixed global cues. Nifty declined today led by selling in index heavyweights and closed with a loss of 150 points at 22420 levels. Broader market however outperformed with the Nifty midcap 100 up 0.8% and the Nifty smallcap 100 up 0.6%. Sector-wise it was a mixed bag with buying seen in Consumer Durables, Realty, and Healthcare. Banking & Financials came under pressure after Bajaj Finance gave poor guidance and RBI restrictions on Kotak Bank from on-boarding new customers through its online and mobile banking channels. Markets on Monday will react to US PCE data and results of several private banks which would be announced on Saturday. We expect market momentum to resume with a focus on stock-specific action due to the ongoing result season and sector rotation at play. Results to watch out for ICICI Bank, IDFC First, Ponawalla, Trent.
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