02-04-2024 05:45 PM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : Key event to watch - US Job opening data to be released late today Says Mr. Siddhartha Khemka, Motilal Oswal

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


Nifty retreated from record-high levels and remained in negative territory throughout the session to close flat with at 22453 levels. Broader market outperformed by more than 1%. Sector-wise it was a mixed bag with buying seen in Metals, Realty, Oil & Gas, Consumer Durables, and Auto. Realty sector was in momentum after unsold home inventory declined by 7% in Q4FY24 in nine major cities in India (source: Prop Equity), while stamp duty registration for Mumbai in FY24 also jumped 13% YoY. Metals stocks rallied on the back of rising metal prices globally and India’s Manufacturing PMI surging 16-year high of 59.1 in March. Global markets are expected to remain volatile ahead of key economic data scheduled to be released within two days. Further, US Fed Chair Powell's speech is also due on Wednesday which will be keenly looked upon. Key event to watch – US Job opening data to be released late today. After the strong move seen in the previous session, we expect the market to consolidate over the next few days keeping various key events in mind.


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