03-08-2024 05:06 PM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : Nifty, after achieving the historical mark, witnessed profit booking from a higher zone following weakness in the global market Says Mr. Siddhartha Khemka, Motilal Oswal

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel

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

 

Nifty, after achieving the historical mark, witnessed profit booking from a higher zone following weakness in the global market. The index settled the day with a loss of 293 points (+1.2%) at 24718 levels. India's VIX rose by 11% at 14.41 levels, indicating increased nervousness in the market. Barring Pharma, all sectors ended in red. Global markets witnessed selling pressure after US Manufacturing PMI data showed contraction and a rise in initial jobless claims to an 11-month high, sparking concerns of a slowdown in the US. Additionally, weak earnings outlooks from a few large tech companies have contributed to the negative sentiment. Domestic equities too witnessed a sell-off after achieving historical milestones. Nifty is expected to sustain its positive momentum next week as the overall market trends remain strong.

 

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