Daily Market Commentary : Nifty ended with loss of 346 points at 22,904 (-1.5%), breaking below the 23k mark Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Indian equities fell sharply, following a global sell-off sparked by U.S. President Trump’s tariff announcements and renewed concerns over economic slowdown. Nifty ended with loss of 346 points at 22,904 (-1.5%), breaking below the 23k mark. Weakness was seen across the board, with heavy losses in Metal, Pharmaceutical and IT stocks. Nifty Metal index plunged 6.5% due to potential disruption of business activities amid global trade war. Pharma index declined by 4% after President Trump hinted at potential sector specific tariffs on pharmaceutical products to be announced soon. Nifty IT slumped over 3%, tracking sharp fall in the US Nasdaq Composite Index. Broader market witnessed heavy selling pressure with Nifty Midcap100 and Smallcap100 down 2.8% and 3.5% respectively. Investors will be awaiting US Fed Chair Jerome Powell's speech tonight, for insights into Fed’s assessment of the US economy and clues on the monetary policy outlook following the tariff announcements. Apart from developments on the US tariff front, market focus will be on RBI’s monetary policy announcement on 9th April and the Q4FY25 corporate earnings beginning with TCS results on 10th April next week. We expect market to remain volatile with sector specific action, tracking RBI’s interest rate decision, pre-quarterly business updates/Q4 results and global market cues.
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