Daily Market Commentary : Nifty made a record high above 24600 levels and finally settled with gains of 85 points at 24588 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty made a record high above 24600 levels and finally settled with gains of 85 points at 24588 levels. Majority of sectors ended in green with buying seen in PSU Bank, Oil & Gas, Realty, and Healthcare. PSU Banking sector was up 3% after media reports suggested that the government may introduce amendments to the Banking Regulation Act 1949 and other laws to push banking sector reforms during the upcoming Budget session. On the domestic front, net direct tax collections increased by 20% YoY to Rs.5.74 lakh crores, aided by higher advance tax payments. In the meantime, India’s WPI inflation inched up higher to surges 3.36% in June. Overall, we expect ongoing momentum to continue with sectorial rotation and stock-specific action.
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