Daily Market Commentary : Nifty Surges 1% to Close at Day`s High, Gains 223 Points Says Mr. Siddhartha Khemka, Motilal Oswal
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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty opened positive and gained strength throughout the session to close at day’s high with gains of 223 points (+1%) at 22643. Majority of the sector ended in green with buying seen in Banking, Financials, and Oil & Gas. Banking Index is up 2% at a record high after index heavyweights like ICICI Bank, Axis Bank, Indusind Bank, and HDFC Bank announced inline Q4 results, while small PSU banks reported impressive quarterly numbers. This week domestic equities will take cues from the US Fed meeting and economic data globally. The Volatility index India VIX rose by 12% to 12.30 ahead of these key events and back home Bank Nifty monthly derivatives expiry on Tuesday. With US Core PCE inflation steady at 2.8%, the hope is that the US Fed will provide some positive insight on rate cuts in the upcoming US Fed meeting. Nifty after witnessing a 1000 points decline at the start of the month, index has recovered smartly and it's now 133 points away from making a fresh high. We expect Nifty to continue its positive trend, on the back of a healthy earning season and macro data. Investors will watch out for European consumer Confidence data & China Manufacturing & Non-Manufacturing data on the economic front.
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