Daily market commentary : Nifty slipped into negative territory after making a fresh high and closed with a loss of 55 points at 22,042 levels by Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily Market Commentary On 16 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty slipped into negative territory after making a fresh high and closed with a loss of 55 points at 22,042 levels. Sector-wise it was a mixed bag with buying seen in Metal and FMCG. Metals were in focus after reports suggested China is considering a fresh stimulus of $139bn through debt issuance under a special sovereign bond plan. Global sentiments were subdued amid ECB comments to push back early rate cuts and mounting tension in the Middle East. Also, economic data like China's Q4 GDP, UK & Europe CPI, and US Retail sales data to be released Tuesday & Wednesday kept investors side-line. Following Global cues, domestic equities took a breath after rallying in the last few sessions. Overall we expect the market to consolidate in higher zones. Banking stocks will be in focus as HDFC Bank will announce its results post-market today.
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