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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 ended lower for the third consecutive session, declining 156 points to close at 24,681. The markets were dragged by weakness in private banking and realty stocks after disappointing earnings from Kotak Mahindra Bank and Macrotech Developers (Lodha), which led to selling pressure in the respective sectors. Nifty Realty and Private Bank indices ended with loss of 4.1% and 1.7% respectively. In contrast, the Pharma index gained 0.4%, following better than expected results from Cipla and Laurus Labs. On the global front, the U.S. and European Union announced a trade deal, including 15% tariffs on EU goods imported to the US. Shares of auto and auto component exporters gained on expectation of lower tariff barriers and improved export prospects after the US-EU trade deal. With the results season in full swing, key earnings to watch on Tuesday include Larsen and Toubro, NTPC, Asian Paints, VBL amongst others. Meanwhile, investors would also track the Industrial production data for June to be released later today. Overall, we expect the market to remain under pressure amid mixed Q1 earnings, continued FII selling (Rs13,553cr cumulative outflow last week) and lack of progress on the India-US trade deal ahead of the nearing Aug’1 deadline.

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