Daily Market Commentary : Nifty opened gap up and maintained strength throughout the session to close with gains of 135 points (+0.6%) at 22462 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equities started the new financial year on a strong note and touched new all-time high. It continued the previous day momentum following positive economic data releases from US and China. Nifty opened gap up and maintained strength throughout the session to close with gains of 135 points (+0.6%) at 22462 levels. Broader market sharply outperformed with Nifty Midcap100/ Nifty SMallcap100 rallying 1.7%/3.3%. Except Auto and FMCG all the sectors ended with gains. Realty and Metals were the biggest gainers of ~4%. India's housing demand witnessed robust growth in the first quarter of 2024 with unsold inventory falling to 7%, leading to rally in realty stocks. Metal stocks too saw buying interest post robust PMI data release from China. However auto stocks saw subdued interest post mixed set of monthly sales numbers. Overall, global sentiments got a boost led by lower than expected US PCE data and robust US GDP numbers which strengthened the hopes of rate cut. Now all eyes will be on RBI monetary policy due this Friday where status quo is expected but commentary would be keenly watched. The market is expected to continue its positive momentum but the journey could be volatile on the back of elections and Q4 earnings this month.
Above views are of the author and not of the website kindly read disclaimer
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