Daily market commentary : Nifty after opening on a flat note, saw some momentum for major part of the day says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily Market Commentary On 16 November 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities surged higher fuelled by moderation in both India as well as US inflation. Nifty opened gap up and strengthen during the day to close near day’s high with gains of 232 points (+1.2%) at 19675 levels. All sectorial indices, including broader market ended in green. IT, Realty, Oil & Gas and Auto were top gainers today. Rally was seen in global markets after weak U.S. inflation data raised hopes that interest rate-hiking cycle has reached its peak. Additionally, news of fresh stimulus in China and sharp fall in UK’s inflation boosted the sentiments. We expect market to maintain its momentum, driven by positive domestic data, cooling off US bond yields and dollar index.
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