Daily market commentary :Sharp selling was seen in the broader domestic market on account of the rise in crude oil prices says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd
Sharp selling was seen in the broader domestic market on account of the rise in crude oil prices and muted global cues amid the Lunar New Year holiday in Asian markets. Mid and small caps had witnessed strong rallies over the past few months thus making valuations a little stretched. However, buying was seen in large caps where there is still some comfort. After a subdued start, Nifty made a recovery in the second half of the session to close near the day’s high with gains of 65 points at 21783 levels. Sector-wise it was a mixed bag with buying seen in Banking, Financial, and Pharma stocks. A mixed set of results and a sharp run-up in PSUs over the past months led to profit booking in this counter. Further, early diminishing hopes of early rate cuts too dampened the sentiments. Post the hawkish commentary from the US Fed and RBI and their focus on bringing inflation under control, next week's inflation data would be important data to watch out for. We expect the market to turn cautious and consolidate in the near term amid key macro data to be announced and the last leg of Q3 results.
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