Daily Market Commentary : Nifty after recording a fresh high of 22783 levels, witnessed profit booking at higher zone 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 recording a fresh high of 22783 levels, witnessed profit booking at higher zone. The index closed with a loss of 39 points at 22605 levels. Volatility index continued to rise amid the Nifty Bank monthly FNO expiry and the US Fed meeting outcome tomorrow. The majority of the sectors ended in red. Auto and Realty were top gainers today up more than 1% each. The auto index hit an all-time high of 22,634 and gained momentum on the expectation of strong April Volume data. Nifty Bank too touched a lifetime high. Markets will remain shut on Wednesday on the occasion of Labour Day. On Thursday, markets would react to the US Fed policy decision and US Consumer confidence data. Investors look ahead to the US Federal Reserve's outlook on rate cuts. Overall we expect the market to continue its positive momentum supported by healthy DIIs & retail buying and going Q4 result season.
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