IGI Logo

Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty opened higher but could not sustain the gains and closed near the day’s low with a loss of 73 points at 24781 levels. Barring, Auto & Financials, all sectoral indices ended in the red, led by steep declines in Pharma, Metals, OIL & Gas, and private banks, each dropping around 1%. It is a busy week for Primary markets with a listing of Hyundai Motors on Tuesday and Waaree Energies/Afcons Infrastructure opening for investors. On the global macro front, China’s Central Bank cut the loan prime rate by 25 basis points from 3.35% to 3.10%. Markets started the week on a subdued note with weak results from index heavy-weights like Kotak Bank, Tata Consumer & Ultratech dragging the indices lower. On the positive side, HDFC Bank reported steady numbers which limited the downside. Overall we expect the market to remain under pressure led by persistent FII selling & muted domestic earnings. Key Results to watch out for on Tuesday include Bajaj Finance, Zomato, ICICI Prudential, VBL and Persistent.

Above views are of the author and not of the website kindly read disclaimer