Daily Market Commentary : Nifty Bank gained 1.8% with both Private and PSU bank indices rising over 2% each Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty surged by 142 points (+0.6%) to close at 23,345 level, buoyed by strong global cues ahead of Trump’s swearing-in ceremony later today and a sharp rally in Kotak Mahindra Bank and Wipro after their strong Q3 performance. Nifty Bank gained 1.8% with both Private and PSU bank indices rising over 2% each. The IT index also advanced, supported by steady quarterly results from Wipro and Tech Mahindra. Nifty Metal rose 1.2% as the Chinese IIP came in at 6.2% YOY in December (much ahead of expectation) with the recent stimulus measures from Beijing supporting business activity. Trump’s assurances of a positive dialogue with China added to global optimism. Export-oriented sectors such as IT, pharma, speciality chemicals and textiles will remain in focus with Trump’s trade policy decisions following the start of his Presidential term. Broader market indices outperformed with Nifty Midcap100 and Smallcap100 gaining 1% each. The Indian rupee appreciated against the US dollar today, tracking gains in domestic equities and strength in Asian currencies. We expect market to trade within a broad range and stock/sector specific action to continue as the Q3 result season is picking up pace. Some of the key results to watch out tomorrow will be ICICI Prudential, KEI Industries, Tata Tech, PNB Housing amongst others.
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