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

Domestic equities made a fresh high of 22252 zones on the back of strong global cues. Nifty made a U-turn from the day’s low to close near all-time high levels with gains of 162 points (0.7%) at 22217 levels. Broad-based rally was seen with IT, Metals, and Auto taking the lead along with the Midcap sector. Strong Q4 results and a positive outlook from chipmaker Nvidia led to a revival in global sentiments. Further, HSBC Flash India PMI data released today for the month of February pointed towards India’s economic activity – both manufacturing and services being at a 7-month high which helped Indian markets to make a sharp recovery. We expect this ongoing momentum to continue with markets attaining new high. Key events to watch out for are RBI meeting minutes and US existing home sales for January which would be released later today.

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