Daily Market Commentary : Nifty snapped a 4-day winning streak on account of profit booking Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty snapped a 4-day winning streak on account of profit booking. India’s service PMI eased to 60.6 in Feb, dampening the sentiments. The index closed with a loss of 49 points at 22356 levels. Sector-wise it was a mixed bag with buying seen in PSU Bank, Auto, and Oil & Gas. IPO market saw a stellar debut today with Exicom and Platinum listing at a premium of 87% and 33%. Markets were also lackluster ahead of key US economy data like US Service PMI to be released today. Further, investors are awaiting Fed Powell’s Chair to get some input on interest rates. Overall, Markets are likely to consolidate in the near term with sectorial rotation amid key events lined up. Capital Goods, Auto, PSU Bank, and Oil & Gas will continue to remain in focus.
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