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
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.
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