Daily Market Commentary : Nifty traded sideways throughout the session and finally closed flat at 19732 levels Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 16 October 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Nifty traded sideways throughout the session and finally closed flat at 19732 levels. The tension in the Middle East kept the investor sentiments down and led to decline in global markets. On the domestic front, wholesale inflation continued to stay in the negative zone for the fifth straight month through August. Broader market however saw some buying interest with Midcap100/smallcap100 up +0.2%/+0.4%. Sector wise it was a mixed bag with PSU Banks, Auto, Metals and Oil & Gas lending support to the market. PSU Banks were in momentum post good results posted by small PSU banks – Bank of Maharashtra and Karur Vysya Bank. On the other hand, FMCG, IT and Pharma saw weakness during the session. Two key results are awaited today of HDFC Bank and Jio Financial Services. Going ahead, with the results season gaining momentum, this week will see significant earnings report from heavyweight companies, which are likely to set the tone for the market. Further the crude oil price movement, macroeconomic data releases and FII flows would also have a bearing on the market. Overall we expect positive biasness to continue led by expectation of healthy demand during the festive season and robust earnings delivery from majority of the corporates.
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