Daily Market Commentary : Nifty Hits New High of 25333, Gains for 13th Consecutive Day Says Mr. Siddhartha Khemka, Motilal Oswal
Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty began September month on a positive note and touched yet another new high of 25333, gaining for the 13th consecutive day and closed 43 points up at 25278. Broader market witnessed profit booking along with mixed sectoral trend. While Banks, IT, FMCG and Energy sectors ended in green, others saw selling pressure. US core PCE data came in better than expected which raised hopes of a rate cut by the US Fed in the upcoming September meet. Even 10% YoY surge in GST collections to Rs 1.75 lakh crore, strong FII flows along with nearly one-month low oil prices boosted sentiments. However Q1 GDP data along with PMI numbers came in slightly below estimate which could induce volatility. Overall markets are likely to gradually inch upwards, led by positive global cues.
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