Daily Market Commentary : Nifty ended with loss of 207 points at 24,039 (-0.9%) by Mr. Siddhartha Khemka, Motilal Oswal Financial Services
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
After a positive start supported by favourable global cues, Indian benchmark indices declined sharply. This was on account of profit booking which came in as cross-border tensions between India and Pakistan escalated, following the terrorist attacks in Pahalgam, Kashmir. Nifty ended with loss of 207 points at 24,039 (-0.9%). There were deeper cuts in the broader market indices with Nifty Midcap100 and Smallcap100 down by over 2.5% each. All the sectoral indices, barring Nifty IT, closed in the red. Realty and Financial services indices were the top losers, falling by ~3% each. Nifty IT being the exception, ended with gains of 0.7% on the back a rally in the tech-heavy US Nasdaq index yesterday. Hotel and aviation stocks were under selling pressure as tourism is expected to be negatively impacted after the attack on tourists in Kashmir. On the positive side, FII buying continued for the seventh consecutive session with inflows of ~Rs8,250 crores on Thursday. Further, news-flows indicated some softness in the US-China tariff war, while India is expected to be closer to signing a trade deal with the US. Geo-political developments between India and Pakistan could add volatility to the Indian market over the next few days. Meanwhile, stock/sector specific action would continue on the back of ongoing Q4 earnings announcements. Key results next week include those from large-caps like Ultratech Cement, Bajaj Finance, Trent, Ambuja Cement amongst others.
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