Daily Market Commentary : Nifty traded sideways amid subdued global cues and closed flat to negative at 19669 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Below is the Daily Market Commentary 26 September 2023 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty traded sideways amid subdued global cues and closed flat to negative at 19669 levels. Broader markets were mixed with the Nifty midcap 100 marginally down 0.2% while the Nifty smallcap 100 was up 0.6%. Sectorially buying was seen in FMCG, Auto, Realty and Metals. Markets are likely to remain under pressure amid a sharp surge seen in U.S. 10-year treasury yields to 16-year highs of 4.5%. Also mounting concerns over China’s real estate sector, and FIIs offloading in domestic equities dampened the sentiments. However, momentum is seen in Auto and defensive sectors like FMCG. Auto sector is expected to remain in focus going ahead as OEMs are likely to increase output by 25% amid a build-up in orders ahead of the festive season. FMCG sector is looked at as a safe haven given the pressure seen in the broader markets. Investors would watch out for the US Consumer Confidence number for the month of September and New Home Sales data for the month of August that would be released later in the day.
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