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Daily market commentary 20 September 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities rallied for the second consecutive day supported by positive global cues after initial jobless claims fell to a four-month low. Nifty opened the gap up and gained strength throughout the session to close with handsome gains of 375 points (+1.5%) at record high levels of 25791 levels. The broader market too ended in green with gains of ~1%. Barring PSU Bank, all sectors ended in the green. Realty, Metals, FMCG, Private Banks, and Financial Services were top gainers up 1-3%. Markets are gradually climbing up and we expect this positive momentum to continue next week backed by strong FII inflow, healthy domestic macros, and receding concern about the US economy slowing down.

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