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Below the Quote on Daily Market Commentary for September 3rd 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities are likely to remain under pressure amid elevated crude prices, keeping investor sentiment cautious. Brent crude rose 1.6% to around USD 97/bbl, near its highest levels in over a month, as investors continued to monitor Middle East developments. Domestic equities ended mixed, with the Nifty 50 declining 0.2%, while the Midcap100 and Smallcap100 gained 0.4% and 1.2%, respectively. The rupee strengthened 67 paise at the open, marking its biggest single-day gain since June. India's Services PMI rose to 54.1 in August from 53.3 in July, while employment growth reached a 15-month high. Banking stocks remained in focus, with both Private Banks and PSU Banks gaining 0.5%. Banks mobilised USD 136.4bn through the RBI's twin forex swap windows, lifting system liquidity surplus above Rs 6tn and supporting deposit and credit growth, although near-term NIM pressure remains a concern. Investors will track US jobs data and S&P Services & Composite PMI later today, followed by US non-farm payrolls and unemployment data tomorrow.

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