New Delhi : Nifty closed in positive territory led by buying in select heavyweights, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, has said.
The index closed with gains of 93 points at 19774 levels. Broader markets too followed suit and witnessed buying interest.
All sectors ended in the green, except for consumer durables. FMCG, PSU bank, realty, and oil and gas were top gainers, he said.
After three days of consolidation, the market is witnessing buying at lower levels. Further, a lower VIX is also supporting the bullish sentiments, he added.
Now all eyes will be on the US FOMC meeting, where another rate increase is expected.
Fed’s commentary will also be important, as this would provide some cues towards the Fed’s stance going forward.
Domestically, monthly FNO expiry along with a slew of corporate earnings, could keep the market a bit volatile, he said.
Vinod Nair, Head of Research at Geojit Financial Services said optimism has inched back today after the last three trading days of consolidation ahead of the FOMC meeting.
As the market’s ambiguity against the monetary policy is likely to reverse henceforth, going forward we are unlikely to see another Fed rate hike in 2023.
This is because inflation has rapidly come down and is forecast to settle down further.
However, the interest rate is expected to stay high in the short-term since the rigidity of core inflation remains above the long-term average, he said.
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