Daily Market Commentary : Nifty Gains 0.4% to 23,312 on Positive Global Cues and US Rally Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty closed with gains of 0.4% at 23,312 level, supported by positive global cues as the US markets rallied yesterday on account of softer than expected December core inflation data and strong earnings from major US banks. The US CPI rose 2.9% YOY in December, in-line with market expectation while the annual core inflation eased to 3.2% against the forecast of 3.3%. Further, decline in US bond yields and a softer dollar index, raised investor optimism. Broader market indices witnessed buying interest with Nifty Midcap100 and Smallcap100 gaining over 1% each. Railway stocks surged on the back of expectation that government may increase rail budget by 15-18% for FY26. Reports of ceasefire deal between Israel and Hamas which is likely to come into force on Sunday, induced positive market sentiments as it could ease the ongoing geopolitical tension. Investors will closely monitor the Q3 earnings announcements including those from heavyweights like Reliance and Axis Bank later today. IT sector will be in focus with Infosys result today and Wipro and Tech Mahindra announcing results tomorrow. The easing of geopolitical risks and the positive global market trends could provide additional tailwinds for the market in the near term.
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