Daily market commentary : Nifty snapped its two days of gain and traded in a range to close with loss of 33 points at 19732 levels says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily Market Commentary On 17 November 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Domestic equity saw a subdued session as selling in financial stocks offset the rally elicited by easing in U.S. inflation and drop in crude oil prices. Nifty snapped its two days of gain and traded in a range to close with loss of 33 points at 19732 levels. Sectorally it was a mixed bag with buying seen in FMCG, Pharma and Auto. Profit booking was seen in Banking stocks after RBI raised risk weights for unsecured loans. In a truncated week, Nifty took support from sharp decline in oil prices, moderation of US yield and FIIs turning net positive. We expect this up trend to sustain with every dip being bought in.
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