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Below the Quote on Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty remained subdued for second consecutive day, closing with minor loss of 69 points at 24,757 (-0.3%) amid lack of global/domestic triggers. Broader market outperformed with Nifty Midcap100 and Smallcap100 gaining 0.2-0.3% each. There was buying interest in PSU Banks and Financial Service stocks, while FMCG index declined by 1.4% due to selling pressure. Metals, pharma, healthcare and auto indices followed with loss of 0.5-0.6% each. On the institutional front, FIIs were marginal buyers on Tuesday, while the DIIs pumped over 9,000 crore into domestic equities, led by block deals including Interglobe Aviation deal worth almost Rs12,000 crore. Investors await macro data including India’s Industrial Production (IIP) for April and US Fed's meeting minutes, both scheduled for release later on Wednesday. There is continued focus on developments in US-India trade talks, which could provide short –term directional cues for the Indian markets. With the Q4 earnings season nearing its end, some of the key results scheduled for announcement tomorrow include Bajaj Auto, Mazgaon Dock, Motherson, Suzlon, IPCA Labs amongst others. Overall, we expect the market to remain in a consolidation phase with selective buying, as investors weigh upcoming data and global developments.

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