Daily Market Commentary : Nifty opened gap down and witnessed profit booking amid subdued global cues and the SEBI meeting Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Nifty opened gap down and witnessed profit booking amid subdued global cues and the SEBI meeting. The index closed near the day’s low with a loss of 357 points (-1.4%) at 25822 levels. Barring Metals, all sectors ended in red. Metals are shining after China’s manufacturing data came in better than expected. Markets ended the month of September on a positive note with Nifty making a fresh high above 26k. For the month the index gained ~2% led by a rally in global markets after the US Fed cut interest rates by 50bps. In the coming month, markets will now look for the Q2FY25 result season to provide direction along with global cues. In the near term, we expect the market to consolidate after witnessing one side move in the last few weeks. Sector-wise the focus could shift towards IT & Banking space as companies would be releasing their pre-quarterly updates starting this week. Auto Sector will also be in focus as OEMs will announce their monthly sales data.
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