IGI Logo

Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty traded in positive territory throughout the session on the last day of the month and made a fresh high above 25200 levels. The index closed with gains of 84 points at 25236 levels and for August index gained 1.6% despite seeing volatility. Barring FMCG, all sectors ended in green with buying seen in Realty & Pharma. Niche sectors like Sugar were in focus after the government’s new policy lifted the previous cap on using sugar for ethanol production. Moody's upgraded India’s GDP rating forecast to 7.2% for 2024 and to 6.6% for 2025 (earlier estimates of 6.8% and 6.4%) on back strong broad-based growth. This along with healthy MSCI inflow took markets to new highs. We expect the market to continue its northbound journey with stock-specific action. Global macro data which will be released during the week will continue to provide cues to domestic equities. Sector-wise, Auto will remain in focus as OEMs will announce their monthly sales numbers.

Above views are of the author and not of the website kindly read disclaimer