Daily Market Commentary : Nifty opened gap and strengthened during the day to close near day`s high with gains of 202 points (+1%) at 19060 levels Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below Quote on Market 27 October 2023 By Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Domestic equities ended higher following positive global cues. US Q3 GDP data came in at 2-year high of 4.9% which was better than expectation of 4.2% and shows strong US economy resilience. Even on the domestic front, heavyweights like Maruti, Cipla and Dr Reddy came out with robust results during the session which boosted investor sentiments. Nifty opened gap and strengthened during the day to close near day’s high with gains of 202 points (+1%) at 19060 levels. Broader market outperformed with Nifty Midcap 100 up +1.5% while Nifty Smallcap 100 rallied +2%. All sectors ended in green with PSU Bank, Realty, Auto and IT being top gainers. Market saw some respite after witnessing intense selling for seven consecutive session. Now all eyes will be on PCE (Personal Consumption Expenditure) data to be released on Friday (today) which would be important for Central Bank’s policy meeting next week. While US Fed’s rate decision on Wednesday will be a key event, investors would also await BOJ’s meeting outcome on Monday amid high global bond yield. We expect market to continue with its volatile move going forward ahead of key economic events and ongoing earning season
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