Daily Market Commentary : Nifty extended gains for the third consecutive session, jumping 181 points to close at 24,457 level (+0.75%) Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Quote on by Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty extended gains for the third consecutive session, jumping 181 points to close at 24,457 level (+0.75%). Broader market too have been showing strength with both mid and smallcap indices making gains for last 8 consecutive trading days. Most of the sectoral indices ended in the green. PSU Bank index gained more than 2% on hopes of a CRR cut by RBI in its upcoming policy review meeting later this week. FMCG index declined by 0.4% amid reports of likely GST hike on products such as aerated beverages, cigarettes and other tobacco-related items to 35% from the current 28%. The Indian rupee hit a record low of 84.74 against the dollar, pressured by a strong U.S. dollar and concerns over slowing domestic growth. After a brief buying spree in the last month, FIIs turned net sellers again, though the pace of selling has notably slowed. Market will watch out for US job openings data later today and November services PMI data of India and US to be announced tomorrow. We expect markets to gain some momentum in the near term on the back of positive global cues, optimism around enhanced government spending and favourable monetary policy changes by the RBI.
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