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Below the Daily Market Commentary On 29 December 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities gave up its five day winning streak and ended the last day of the year on a flattish note amid profit booking in select heavyweights. Nifty remained in negative territory throughout the session and closed with minor loss of 22 points at 21731 levels. However, broader market outperformed with Nifty midcap 100 and Nifty Smallcap 100 up 0.8% and 0.6% respectively. Sector wise it was mixed bag with buying seen in Auto, FMCG, Realty and Metals. Auto and EV stocks recorded smart rally after the news that government is working on a plan to replace 800,000 diesel buses with electric over next seven years. We expect market to continue its ongoing positive momentum in near term driven by healthy macros, strong FIIs inflow and positive global cues. Next week is likely to be eventful as series of economic data globally are set to release. Auto is likely to remain in focus as OEMs will announce sales number for the month of December.

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