Daily Market Commentary : Nifty50 up 122 pts to 25,091 on strong Q1 results by Says Mr. Siddhartha Khemka, Motilal Oswal
Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty50 ended higher by 122 points at 25,091 (+0.5%), driven by strong Q1 earnings from heavyweights HDFC Bank and ICICI Bank. Nifty Bank and Financial services indices led the sectoral gains, rising over 1% each. In contrast, Nifty Oil and Gas declined by 1%, weighed down by reported weakness in Reliance Industries’ Oil-to-Chemicals (O2C) segment. Midcap stocks witnessed strong buying interest, with Nifty Midcap100 gaining 0.6%, while Nifty Smallcap100 ended on a flat note. On the global front, India and US concluded the fifth round of negotiations for the proposed Bilateral Trade Agreement (BTA), with key issues such as agriculture and automobiles still unresolved. Markets would be closely following further trade talks over the coming weeks, as both nations aim for a deal before the August 1 deadline. We expect the market to remain range-bound, tracking quarterly earnings outcome and developments on the India-US trade deal. Key results scheduled for Tuesday include Colgate, JSW Infra, Dixon tech, Paytm amongst others.
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