Daily market commentary :Nifty bounced back from a weak start and closed with gains of 204 points at 21726 levels by Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Below the Daily Market Commentary On 31 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty bounced back from a weak start and closed with gains of 204 points at 21726 levels. Broader market outperformed with the Nifty midcap 100 up 1.6% and the Nifty smallcap 100 up 2.2.All sectors ended in green with buying seen in PSU Bank, Pharma, and Realty. Global markets will keenly await the US Fed’s commentary on the rate cut timeline. On the domestic front, investor’s focus will be on the Budget. While the Interim Budget is non-event, the general expectations are minimal in terms of major proposals. Given that India’s economic growth has been strong in the last 2 years, the government could focus on fiscal consolidation and could set a fiscal deficit target of around 5.2%-5.4% of GDP. Since it is colliding with the US Fed outcome we expect the market to see some volatility. However, the overall trend continues to remain positive.
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