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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

After a lackluster opening, Nifty recovered during the day to close with marginal gains of 44 points at 23454 levels. India Vix surged by 7% to 14.1 levels, indicating increasing volatility in the monthly FNO expiry week. Sector-wise it was a mixed bag with buying seen in Auto, FMCG, and Consumer Durables. GST council was chaired last weekend where the government rationalized sectors like paper, packaging, railways, and consumer goods, hence, these sectors were in focus today. Fertilizer stocks however saw profit booking as no GST cut was announced in the meeting. This week, the primary market remains active, with ten IPOs set to launch and eleven companies scheduled to list across the mainboard and SME segments. Markets this week will take cues from global macro data points and the progress of the monsoon back home. We expect Nifty to consolidate at the current juncture with a bout of volatility amid monthly derivatives expiry.

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