Views On Daily market commentary 09 Oct 2019 - Mr. Siddharth Khemka
Below is the Views On Daily market commentary By Mr. Siddharth Khemka, Head - Retail Research, Motilal Oswal Financial Services Private Ltd.
'Market bounced back today after the steep fall of 4% in the last six trading sessions, partly due to the short covering. Nifty closed the day at 11313, up 1.7%, while Bank Nifty was up 3.6%. Cabinet today approved increase in Dearness Allowances by 5%, taking it up from 12% earlier to 17%, thus benefitting over 1 crore government employees and pensioners, which may boost consumption. Banking and NBFC stocks witnessed biggest gains followed by Metal, Auto, Cement and Pharma stocks.