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

Nifty traded in a range ahead of a major event and closed with marginal gains of 22 points at 21839 levels. Broader market ended flat, while sector-wise it was a mixed bag. Oil & Gas, Realty, and FMCG were major gainers. Oil & Gas rose to ~1.3% as crude oil price surged to a 5-month high at $87/bbl. On the Global front, England’s inflation cooled to 3.4% for February, a day ahead of its central bank’s monetary policy meeting. Also, China’s central banks kept their benchmark lending rates unchanged. Now all eyes are on the US Fed’s commentary late today and Existing home sales data to be released on Thursday. Markets are expected to remain in consolidation mode due to several events and would keenly track on the US Fed commentary which would provide direction on its future rate action.

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