Quote on Daily Market Commentary for August 4th 2026 by Siddhartha Khemka - Head of Research, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary for August 4th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Indian equities are expected to witness a gradual upmove, aided by supportive global cues, healthy domestic macroeconomic indicators, and encouraging corporate earnings. Investors will closely track the US jobs data later today, followed by the RBI's monetary policy decision tomorrow, and the UK and US Composite and Services PMI. On the corporate front, earnings from Cummins India, Navin Fluorine, Power Grid, Aurobindo Pharma, Biocon and GE Vernova T&D etc will remain in focus. Domestic markets witnessed profit booking after four consecutive sessions of gains, with the Nifty 50 declining 0.6%. The Nifty Midcap 100 fell 0.3%, while the Nifty Smallcap 100 gained 0.2%. Sectoral performance was broadly weak, with Nifty Media and Nifty Metal emerging as the only gainers, while all other sectoral indices closed in the red. Crude oil prices rose nearly 2.5% to around US$85 per barrel as uncertainty over a diplomatic resolution to the US-Iran conflict persisted and disruptions to key global shipping routes continued. Meanwhile, India's fuel exports climbed to a one-year high in July, supported by strong diesel refining margins, Russia's diesel export ban, and improved crude availability. Foreign Currency Non-Resident (FCNR-B) deposits surged by US$28 billion between June 5 and July 30, with over 68% of the inflows mobilized by foreign and private banks. HSBC, State Bank of India, and ICICI Bank together accounted for nearly half of the total collections, highlighting strong participation under the RBI's special scheme to attract foreign currency inflows and bolster India's forex reserves.
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