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

Nifty after touching new high of 23411 in the initial tick of the session, traded lackluster throughout the day before ending the session with minor loss of 30 points at 23259 levels. However broader market ended in green with Midcap100 up 0.1% while Smallcap100 rallied 1.5%. IT largely dragged the market today with loss of 1.8%, followed by metals. Fertilizer stocks also saw buying interest after the Prime Minister released the latest instalment of the Kisan Samman Nidhi. While cement stocks gained on expectations of a government push to the housing sector and lowering of GST on cement. Post the government formation, market is awaiting fresh triggers and will pick up cues from the key cabinet portfolio allocation. On the global front, sentiments got dented post strong non-farm payroll data which led to hopes diminishing with regards to rate cut in second half of the year. Investors are now awaiting US Fed and BoJ policy outcome this week along with US and India CPI data. Thus market is likely to consolidate this week till the clarity emerges.

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