Daily Market Commentary : Nifty continued its upward trajectory, making new high of 23889 for the 2nd consecutive day and gradually inching upwards to 24k mark Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty continued its upward trajectory, making new high of 23889 for the 2nd consecutive day and gradually inching upwards to 24k mark. The index opened flat but soon gained momentum amid renewed buying interest in heavyweight stocks and ended the session with gains of 147 points (0.6%) at 23869 levels. Telecom, cement, oil & gas and banking sectors led the gains today. Telecom stocks saw significant gains on expectations of tariff hikes, while Cement stocks witnessed renewed buying interest today, driven by expectation of higher government spending on road construction. Sentiment for banking and financials has improved after lower current account deficit numbers released yesterday. Overall optimism surrounding the Union Budget, increasing FII inflows, and robust domestic economic data contributed towards the positive movement in the market. We expect the ongoing uptrend to continue further.
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