Daily Market Commentary : Nifty witnessed a post-budget impact and traded in negative territory throughout the session says Mr. Siddhartha Khemka , Head - Retail Research, 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 witnessed a post-budget impact and traded in negative territory throughout the session. The index closed with a loss of 66 points at 24415 levels. India Vix further declined by 7.8% at the 11.76 zone, indicating reduced participation. Sector-wise it was a mixed bag with buying seen Oil &Gas, Consumer Durables, Pharma and Realty amid relief measures announced in the Union Budget. Markets experienced some decline after investors' mood turned soured post an unexpected increase in short and long-term capital gains. With markets at new highs, the budget further strengthens India’s macroeconomic position amid a fragile global economy. We anticipate the market to quickly discount the budget and shift its focus to the trajectory of corporate earnings growth, which has remained marginally below our expectations so far in 1QFY25. Thus, we expect the market to consolidate in the near term.
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