Daily Market Commentary : Nifty after witnessing the initial hiccup, saw buying in the second half of the day and managed to close with just 1 point gain at 25280 levels Says Mr. Siddhartha Khemka, Motilal Oswal
Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty after witnessing the initial hiccup, saw buying in the second half of the day and managed to close with just 1 point gain at 25280 levels. The broader market outperformed with the Nifty midcap 100 up 0.3% and the Nifty smallcap 100 up 0.4%. Sector-wise it was a mixed bag with major buying seen in Consumer Durables and Financial Services. Defence stocks are expected to be in momentum after the decline seen in the last few weeks as the government is considering fresh projects worth +Rs.1 lakh crore. Markets consolidated at a higher zone after making a fresh high above 25300 levels in the previous session. Although intermittent volatility cannot be ruled out, we expect the market to see a gradual up move with sectorial rotation, supported by rising hope of the US rate cut and FIIs turning buyers.
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