Daily Market Commentary : Nifty Drops 117 Points to 22,796 Amid Weak Global Cues Says Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Benchmark index Nifty ended 117 points lower at 22,796 level (-0.5%), dragged by losses in heavyweight stocks and weak global cues. US market declined on the back of rise in US jobless claims and a weak commentary from retail major Walmart. Selling pressure was also seen in the broader market, with Nifty Midcap100 and Smallcap100 indices falling by 1.3% and 0.7% respectively. Amongst sectoral indices, Nifty Auto was the top loser, declining 2.6% as the global EV major Tesla is reportedly planning to start retail operations in India by April’25, thus intensifying competition in India’s premium EV space. Further, news reports suggest that the government is planning to notify the new EV policy, allowing lower import duty for EVs. Pharma and Healthcare indices also dropped by 2% each on concerns over US reciprocal tariff. The Metal index was the only outlier, rising 1% with significant gains in stocks of aluminium players driven by a surge in base metal prices. In the coming week, we expect Nifty remain in consolidation mode; tracking the mixed global market cues, US trade policy announcements and geo-political developments with regards to the Russia-Ukraine war.
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