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Below the Daily Market Commentary On 08 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities saw profit booking ahead of key inflation data globally and start of corporate earnings this week. Nifty opened positive but soon succumbed under selling pressure and closed near the day’s low with a loss of 198 points (-0.9%) at 21513 levels. The broader market too ended in red; down 1%. Except for Realty, all other sectors ended in red. Better-than-expected US job data last Friday, led to the concerns that the US Fed might delay the rate cut. In this context, the inflation data from US, China and India due this week will be of key importance. This led to a rise in the dollar index along with the 10-year bond yield. Thus, overall sentiments are currently subdued in the market and could lead to more consolidation over the next few days.

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