IGI Logo

Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

New year celebration continued in the Indian Equity markets for the second consecutive day. Nifty witnessed euphoric 1.9% gains (+446 points) today – its largest gain since 22^nd Nov’24. Nifty has now managed to close above the key level of 24,000 mark, rallying more than 700 points in the last 3 days to end at 24,189.  Strong buying was seen in heavy weights especially Auto, NBFCs and IT stocks driven by optimism about upcoming quarterly earnings. Broader market although closed in green but underperformed large caps with Nifty Midcap 100 and Smallcap 100 indices gaining 1.1% and 0.6% respectively. Within the auto sector, monthly dispatches for the Passenger Vehicle and Tractor segments exceeded expectations in Dec’24, growing ~20% YoY each. Eicher Motors 2W segment i.e. Royal Enfield too reported strong growth of 25% YoY, higher than street expectations. The GST collections stood at INR1.77 lakh crore in Dec’24, against INR1.82 lakh crore in Nov’24 and INR1.65 lakh crore in Dec’23, driven by higher revenues from domestic transactions. Rupee traded under pressure on account of strong demand for dollar and persistent FII outflows. Investors will closely track the pre-quarterly business updates to be released over the next few days for insights into the upcoming result season. We expect the gradual uptick to continue in the market over the next few days, alongside a close watch on Q3 earnings and the global cues as foreign markets reopen after year-end holidays.

Above views are of the author and not of the website kindly read disclaimer