IGI Logo

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

Nifty opened positive but soon shredded early gains on account of profit booking after a two-day rally and weak global cues. It ended the day with minor loss of 27 points at 24194 levels. Nifty smallcap 100 outperformed gaining 0.8% while NSE Midcap 100 ended flat. Sectorally, Auto, power, pharma, and oil & gas fell 1-1.5%, while IT, FMCG, and metals bucked the trend with gains of 0.5-1%. Anticipated higher tariff on China by elected US President Donald Trump and caution ahead of monthly expiry on Thursday led to profit booking. On the positive side, FIIs finally turned buyer for the first time after continuous selling for last 38 trading sessions. However trend reversal among FIIs is yet to be confirmed unless buying sustains. Thus market will monitor FII action over next few days. NTPC Green will be listing tomorrow which will keep both NTPC and NTPC Green in focus. Going ahead the market is likely to consolidate in a broader range in absence of any major trigger in near term, but stock/sector specific action is likely to continue.

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