Daily Market Commentary : Nifty opened gap down on the back of rise in geopolitical tension in the Middle East 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 opened gap down on the back of rise in geopolitical tension in the Middle East. The index, however, made a smart recovery in the second half and closed with gains of 154 points at 22150 levels. The broader market closed in the red with the Nifty midcap 100 down -0.6% while the Nifty smallcap 100 was down -0.1%. Sector-wise it was a mixed bag with buying seen Private Bank, Metals and Financials. Private Banks were in momentum ahead of HDFC bank results to be announced over the weekend where the bank is expected to see healthy growth in earnings. Weak guidance from Infosys led to selling pressure across IT stocks. Markets are likely to see volatility in a broader range on the back of divergent cues. On the negative side flare-up in geo-political tension in the Middle East, Hawkish US Fed comments, and FIIs selling are making investors restless. On the positive side - expectations of healthy earnings from index heavyweights and buying emerging at lower levels are showing strength in the market. Next week Focus will remain on earning season along with global cues. Index heavyweights like Wipro, HUL, Maruti, and Bajaj Finance will announce their results Next week. Investors would also track economic data points like Manufacturing & Service PMI data of the US & India, US Q1 GDP number, and Japan’s policy statement.
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