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

Domestic markets celebrated the Gudipadva festival by scaling new highs. Nifty registered a new record high of 22768 levels after a gap-up opening, while Sensex crossed 75k for the first time. Some profit bookings at higher levels led Nifty to close flat at 22642 levels. Nifty smallcap continued its outperformance after closing in green for 13 consecutive trading sessions, while the Nifty midcap has been consolidating at higher levels for the past two after closing in green for 11 consecutive sessions, thus,  indicating broad base participation.  Sector-wise buying is seen in Metals, Realty, and Financials. Metal index witnessed a smart rally on the back of a surge in global metal prices and strong domestic demand. On the global front, investors will keep an eye on US & Chinese inflation data and US FOMC meeting minutes to be released on Wednesday. Back home, we expect the uptrend to continue amid healthy Q4 business updates and strong macro data. With the start of the result season, stock-specific action is likely to continue in the market. Agri and rural-related stock are expected to be in focus after Skymet forecast normal monsoon for India in 2024.

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