Daily Market Commentary : Nifty remained in positive territory for the second consecutive day amid buying in index Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 11 October 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty remained in positive territory for the second consecutive day amid buying in index heavyweight and closed with gains of 122 points (+0.6%) at 19811 levels. Market sentiments were buoyed after the IMF raised India's FY24 GDP growth forecast to 6.3% from 6.1% and strong quarterly business updates from several corporates. Among sectors, major gainers were Auto, FMCG, and Realty while PSU Bank and IT closed in red. Going forward, we expect the market momentum to continue on the back of positive global cues, easing of US bond yields, and strong domestic economic position. Further, with the start of Q2 results, we expect a lot of stock-specific action as well as sectorial rotation in the market. IT sector would be in focus as TCS will announce its Q2FY24 post-market Wednesday followed by Infosys and HCL Tech on Thursday. On the economic front, investors would take cues from the FOMC meeting minutes and US core PPI data to be released late Wednesday. Markets would also watch for UK GDP data, India CPI and Manufacturing output data and US CPI data to be released on Thursday
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