Daily Market Commentary : Nifty declined for the second consecutive day and closed with a loss of 140 points at 21526 levels says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily Market Commentary On 03 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities continued to witness profit booking on the back of weak global cues and a fall in India’s PMI manufacturing to an 18-month low at 54.9 for December. Nifty declined for the second consecutive day and closed with a loss of 140 points at 21526 levels. Sector-wise it was a mixed bag with buying in Realty, PSU Bank, and Pharma. Impressive Q3FY24 update from PNB and Bank of Maharashtra lifted the PSU Bank Index by 2%. Railway stocks rallied after the government announced scaling up production of Amrit Bharat trains. Globally, Investors were cautious after US manufacturing data saw a contraction. Further, the release of FOMC meeting minutes and US Job data late today kept investors on the sidelines. Overall we expect the market to consolidate and take a pause before the quarterly results starts, leading to more stock-specific action.
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