Daily Market Commentary : Nifty stayed flat at 24,334 for a 2nd day, awaiting key US GDP, inflation data by Mr. Siddhartha Khemka, Motilal Oswal Financial Services
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Nifty extended its consolidation for the second consecutive session, closing flat at 24,334 ahead of key US economic data (Q1 GDP and retail inflation for March) today. Market sentiment remains cautious due to the ongoing India-Pakistan geo-political concerns. Both FIIs and DIIs have been net buyers since the last three days, contributing inflows of over Rs7500 crore each. Broader market witnessed selling pressure, with Nifty Midcap100 and Smallcap100 declining by 0.8% and 1.5% respectively. On the sectoral front, Nifty Realty index jumped 2.4% ahead of quarterly results from some of the sector majors this week. Also, the festival of Akshaya Tritiya which traditionally sees heightened property-buying activity, boosted sentiment for realty companies. Pharma and healthcare indices ended on a positive note, with gains of 0.6% each. Tyre stocks were in momentum after better than expected results from CEAT Ltd. The PSU Bank index declined over 2% on account of profit booking, following a recent rally in the sector. Auto stocks will be in focus as US President Trump signed an executive order, softening some of the automotive tariffs. Investors will watch out for US manufacturing PMI and Bank of Japan’s interest rate decision tomorrow, while the Indian markets will remain closed on account of Maharashtra & Labour Day. We expect the market to trade in a range-bound manner with stock/sector specific action, driven by Q4 earnings announcements. Key results on Thursday include Adani Enterprise, Adani Ports, Eternal, Home First Finance, while Marico, IOB, Godrej Properties amongst others report their results on Friday.
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