Daily Market Commentary : Nifty traded sideways throughout the session to finally close flat at 24144 levels Says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Nifty traded sideways throughout the session to finally close flat at 24144 levels. Barring IT & Consumer Durables all sectors ended in green. Metals and Mining stocks came under pressure after the Supreme Court allowed states to levy tax and royalty on minerals, apart from Central duties, and also allowed states to collect past dues. On the positive side, India’s WPI inflation in July eased to 2.04%. Indian Equity market will remain closed on Thursday, on account of 78th Independence Day. However, action will continue globally, with US CPI data due late today. Overall, we expect the market to continue to consolidate in the near term and take cues from global factors.
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