Daily Market Commentary : Nifty is now 10 points away from crossing the 22500 mark Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty made a smart recovery in the last hour of the session to close with handsome gains of 118 points (+0.5%) at 22474 levels. Domestic equities made a comeback after a minor pause and continued to make new highs. Nifty is now 10 points away from crossing the 22500 mark. Positive up-move was supported by buying in Banking, IT, Healthcare, and Auto. Broader market however continued to witness selling with Nifty Midcap 100 down -0.5% and Nifty Smallcap 100 down -2%. Sectorial rotation was seen in the market with Private Banks gaining momentum and supporting the index. NBFC came under pressure after RBI’s disciplinary action against IIFL and JM Financials. We expect Largecaps to drive the market in the near term while midcap and smallcap could remain under pressure. On Global front, US Fed Chair Powell’s speech later tonight will be crucial as it will provide some insight into upcoming policy direction. Also, investors would watch out for US Job data, which would provide more cues from an interest rate decision point of view.
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