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Below the Daily Market Commentary On 16 Febraury 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd 

Domestic equities gained for 4^th consecutive day, recovering more than 500 points (2.3%) from a low of 21530 and reaching close to its life-high levels of 22,126. Nifty traded in positive territory throughout the session and closed with handsome gains of 130 points at 22041 levels. Broader market continued to gain strength up ~ 0.6%. All sectors ended in green, barring Oil & Gas. Indian markets showed resilience despite volatility. Q3 earning season has ended on a buoyant note with Nifty delivering a strong beat with a 17% YoY PAT growth vs. est. of +11%. We expect market sentiment to strengthen further as the prospect of a pre-election rally is quite strong. Two important pre-poll surveys by India Today and Times Now predict a more than comfortable majority (272+ seats) for the incumbent BJP-led NDA. Nifty is hovering near all-time zones and is all set to make new highs next week.

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