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Below the Daily Market Commentary On 30 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd 

Domestic equities were off from the day’s high amid selling in index heavyweights. Nifty opened positive but soon gave up its gains to close with a loss of 216 points (-1%) at 21522 levels. Majority of the sectors ended in the red. Buying was seen in PSU banks amid healthy 3QFY24 results. Better than expected Europe’s Q4 GDP data, earnings of mega-cap companies globally, and unexpected reduction in the quarterly borrowing estimate by the Treasury Department kept global markets upbeat. All eyes will be on the Federal Reserve’s policy meeting that will commence today. Though Investors expect the US Fed to maintain the status quo, the direction concerning rate cuts will hold importance. Overall, we expect the market to remain range-bound till the two large events (the US Fed meeting & India’s Interim Budget) unfold.

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