Daily Market Commentary : Nifty opened gap down following a sell-off in Asian markets after Wall Street indices declined sharply on Monday Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty opened gap down following a sell-off in Asian markets after Wall Street indices declined sharply on Monday. The fall was on account of U.S. President Donald Trump's refusal on Sunday to predict whether the U.S. would enter a recession, amidst concerns over his tariff policies, which intensified investor anxieties. However, Nifty recovered during the session, showing resilience and closed near day’s high at 22,498 level.(+0.2%). Broader market traded mixed with Nifty Midcap100 up 0.7% while Smallcap100 was down 0.8%. Shares of real estate companies witnessed strong buying interest, pushing the Nifty Realty up by 3.6%. Telecom stocks gained following reports that the government has sought parliament's approval to spend ?53.2 billion to upgrade telecom networks in under-served areas. Conversely, Nifty IT was under selling pressure on the back of weak global cues. Shares of auto manufacturers and OEMs also faced pressure as Maharashtra government announced a hike in the motor tax on CNG and PNG four wheelers by 1%. An additional 6% tax on electric vehicles priced above Rs 30 lakh was also announced as part of the state's annual Budget. Capital market stocks continued their losing streak as weak investor participation and a 21-month low in demat account additions in Feb’25, weighed on the sector. On the macro front, investors will be focussing on US and India’s retail inflation data to be released tomorrow. We expect the market to track global developments and remain in consolidation mode in the absence of any significant domestic trigger.
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