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Below the  Quote on Daily Market Commentary : Nifty closed at 24,472, down 309 points (-1.25%), a 2-month low Says Mr. Siddhartha Khemka, Motilal Oswal

After a flat start, Nifty lost its footing with selling pressure escalating in the broader market to close at 2-month low of 24472, down 309 points (-1.25%) today. Realty and PSU Banks tumbled over 3% each while auto and metal indices fell more than 2%. All the sectoral indices ended in the red. Nifty Midcap and Smallcap indices were down 2.3% and 3.6% respectively. Hyundai IPO had a lacklustre listing and closed with a loss of 7% from the issue price. Rising US bond yield amid expectation of modest rate cut by US Fed led to weakness in global markets and outflow of funds from emerging markets like India. Following its peers, Indian equities too witnessed decline. Q2 earnings are also showing signs of moderation which dented the sentiments. Overall we expect pressure to continue in the market driven by result oriented action. However, investors can follow buy on dip strategy to accumulate quality stocks.  Key results to watch out tomorrow will be HUL, Pidilite, TVS Motors United Spirits, Godrej Properties amongst others.

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