Daily Market Commentary : Nifty traded in negative territory for most of the session to close with a minor loss of 66 points at 23501 levels Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty traded in negative territory for most of the session to close with a minor loss of 66 points at 23501 levels. Barring IT & Metals, all sectors ended in red. At the macro level, Manufacturing and services PMI rebounded in June after a blip seen in May, thus limiting the downside. The services PMI rose to 60.4, while the manufacturing PMI climbed to 58.5 led by expansion in business activity. Overall, the market is likely to remain steady and consolidate at higher levels in the near term. Budget-related sectors are likely to remain in action on the back of news flow and expectation growth focus policy. Sectors like Fertilizer, gaming, and Oil & Gas sectors would react to the outcome of the GST council meeting which is scheduled over the weekend. Globally, investors await US Manufacturing & Service PMI data along with US Existing Homes Sales
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