Daily Market Commentary : Nifty traded in positive territory throughout the session 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.
The inline outcome from the US Central Bank brings cheer to the global as well as domestic markets. Nifty traded in positive territory throughout the session to close with gains of 183 points (+0.8%) at 22012 levels. Broader market outperforms with Nifty Midcap and Nifty Smallcap up more than 2% each. All sectors ended in with Realty, PSU Bank, and Metals being top gainers. US Fed announced its interest rate decision today, leaving the benchmark interest rates unchanged for the fifth straight meeting, in line with Street estimates. Also, the central bank hinted at the possibility of implementing three rate cuts in the calendar year. The Fed officials also raised their economic growth outlook for CY24 to 2.1% (1.4% in December) and core inflation to 2.6%. All these factors led to a relief rally in the global equity markets and was a major boost for midcap and small-caps. We expect market recovery to sustain over the next few days. Large caps are better placed in terms of valuation comfort and growth visibility. However, volatility in the broader market cannot be ruled out. Key event to watch – BOE interest rate decision
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