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Below is the Views On Daily market commentary By Mr. Siddharth Khemka, Head - Retail Research, Motilal Oswal Financial Services Private Ltd.
“Markets ended down for the sixth trading session in a row, amidst concern over more stress in the financial sector and slower economic growth. Nifty shed 48 points, closing at 11,126. All the major sectors closed in red, with Nifty Pharma down 3.5%. Apart from Pharma, Metal, IT and auto were major draggers.
The 25 bps cut in repo rate by the RBI did not cheer investors given sharp downgrade in GDP growth forecast, as it aggravated the concerns for economic slowdown. Further FIIs continue to be net sellers on account of global slowdown and trade issues. On the global front, while the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of slowdown, uncertainty over US-China trade war continue to add to the investors' woes. Even European economic data has been weak so far. Thus, going ahead, market would watch out for earnings and management narratives domestically, while on the global front, global marco data, US-China trade war and geo-political situations would dictate the market trend.
Technically, Nifty formed a Bearish Candle on daily scale as every bounce is being sold into the market. Now till it holds below 11200 zones it could extend its weakness towards 11050 then psychological 11000 marks while on the upside hurdle is seen at 11250 then 11330 zones.”
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