Daily Market Commentary : Nifty ended with gains for the second consecutive day, rising by 0.9% to close at 22,545 level Says Mr. Siddhartha Khemka, 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.
Nifty ended with gains for the second consecutive day, rising by 0.9% to close at 22,545 level. Market optimism was driven by positive global cues as US President Donald Trump exempted auto manufacturing companies from 25% tariffs on Canada and Mexico for one month, easing trade tensions to some extent. On the domestic front, RBI announced Rs 1,00,000 crore OMO purchases and USD/INR Buy/Sell Swap auction of $ 10 billion in March to infuse liquidity into the banking system, which was cheered by the market. There was continued buying interest in the broader market with Nifty Midcap100 and Smallcap100 gaining 0.4% and 1.3% respectively. All sectoral indices ended in the positive territory, with oil & gas and metal indices up over 2% and pharma, healthcare and FMCG indices up over 1% each. Crude sensitive stocks surged as oil prices slip to six-month low. Metal stocks recorded significant gains as investors remained optimistic over China's stimulus package and decline in US dollar. Investors to watch out for ECB interest rate decision today and US unemployment rate and Fed Chair Powell’s commentary tomorrow. We expect the market to remain stable over the next few days and track developments on the global front.
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