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

Nifty experienced a decline for the third consecutive session amidst a broad-based selling. The index closed with a loss of 221 points (-0.9%) at 24,750. Baring IT, all sectors ended in red with Realty, Consumer Durables & Auto declining the most. IT sector witnessed buying due to positive earnings from HCL Tech and the upcoming results from Infosys. Management commentary and growth guidance from Infosys would hold key importance, hence IT sector is expected to be in focus. Rising domestic inflation data released this week and continued FII selling weighed on the market sentiments. This along with disappointing Q2 earnings from major companies added to the pressure. Looking forward, the market is expected to remain range-bound due to mixed global cues and a lack of domestic triggers. Investors will be closely watching the outcomes of the ECB policy meeting, US retail sales figures, and China’s GDP data, which are all set to be released later today.

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