Quote on Daily Market Commentary for July 9th, 2026 by Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary for July 9th, 2026 by Siddhartha Khemka, Motilal Oswal Financial Services Ltd
Indian equities showed resilience today despite global volatility and escalating geopolitical tensions in West Asia. While the near-term market direction may remain mixed, strong domestic fundamentals are expected to support the broader recovery. While India VIX has moderated from its recent highs, investor focus is also likely to shift towards the June-quarter earnings season, which is expected to drive stock-specific action. Domestic markets recovered sharply in early trade on Thursday, with the Nifty 50 rising as much as 1%, and managed to close with gains of 0.3% at 23,962. Broader markets continued to outperform, with the Nifty Midcap 100 and Smallcap 100 advancing 1.4% and 1.8%, respectively. Sectorally, Realty, Media and Consumer Durables led the gains, while the Nifty IT index remained under pressure (-0.3%) ahead of TCS' June-quarter results. The minutes of the US Federal Reserve's June policy meeting reinforced expectations of a prolonged higher interest rate environment, keeping sentiment towards technology stocks subdued. Sectoral focus remained on Electronics Manufacturing Services (EMS) after the Centre extended customs duty concessions on machinery and components used in electronics and lithium-ion battery manufacturing until March 2029, providing continued policy support to domestic manufacturing. On the macro front, the IMF revised India's FY27 GDP growth forecast marginally lower to 6.4% while raising its FY28 projection to 6.7%, reaffirming India's position as the world's fastest-growing major economy. India and Australia expanded cooperation across uranium, critical minerals, green hydrogen, maritime security and defence, strengthening long-term strategic and economic ties.
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