Daily Market Commentary : Indian equities witnessed a sharp decline with Nifty50 falling by 1%, amid weak global market cues by Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Indian equities witnessed a sharp decline with Nifty50 falling by 1%, amid weak global market cues. US market ended lower on Wednesday weighed down by escalating geopolitical tensions in the Middle East and lack of clarity on the US-China trade deal. There was a broad-based sell-off with Nifty Midcap100 and Smallcap100 down over 1% each and all sectoral indices ending in the red. Shares of oil marketing companies declined after crude futures surged over 4% on Wednesday amid growing US-Iran tensions. The FIIs were net sellers, offloading shares worth Rs446 crore on Wednesday, further dampening investor sentiments. The US dollar index slipped to a seven week low following softer than expected US inflation data that could support case for a Federal rate cut. The US CPI rose 2.4% YoY in May’25 against the market expectations of a 2.5% increase. Meanwhile, in a positive development on the domestic front, India’s retail inflation cooled to 2.82% (vs expected 3%) in May- its lowest level in over six years. Overall, we expect the market to remain in a consolidation mode, tracking global market cues and developments on the US-India trade deal.
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