IGI Logo

Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty traded sideways for the most part of the session, however, last-hour selling led the index to close with a loss of 82 points (-0.4%) at 21772 levels. The volatility index rose by 6% to 15.62. Sector-wise it was a mixed bag with buying seen in Oil & Gas, Pharma, and Auto. The 3QFY24 corporate earnings has been in line so far with 33 Nifty companies reporting a PAT growth of 21% YoY (until 1st Feb’24). Domestic equities saw a subdued session after an outstanding January US employment report ruined any expectations of a near-term interest rate cut. On the positive side, India’s Service PMI rose six months high to 61.8. The RBI policy meeting will start on Tuesday and it is expected to maintain the status quo in line with the US Fed. Overall markets are consolidating at higher levels. With 2 key events behind, markets are taking cues from ongoing results which is leading to a lot more stock-specific action which is likely to continue.

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