IGI Logo

Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty ended 143 points higher at 24,274 level (+0.6%). Broader market outperformed with both midcap and smallcap indices gaining more than 1% each. Except FMCG and PSU Banks, all sectoral indices closed in the green with realty index gaining 3% after media reports suggested that the average housing prices across the top eight markets in India rose by 11%. We expect EV sector to be in focus after news flows that the government is likely to evaluate a Rs 9,000-crore initiative to boost the production of key battery components in India. The Indian rupee fell to a record low amid concerns over a sluggish economy, as the country’s GDP growth slumped to a seven-quarter low of 5.4% in Q2. Additionally, US President-elect Trump threatened to impose a 100% tariff on BRICS countries, including India, if they undermine the US dollar or replace it with another currency for international transactions. Given the volatile global economic environment and mixed domestic factors, we expect the market to consolidate within a broad range in the near term.

Above views are of the author and not of the website kindly read disclaimer