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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Equity market witnessed a broad-based rally with Nifty ending 1.5% higher at 22,855 level. Nifty Midcap100 and Smallcap100 sharply outperformed, rising 2.2% and 2.8% respectively. The rally was driven by a positive trend in global equities with the US indices extending gains for the second straight session on Monday. The Asian markets too closed in the green, buoyed by renewed optimism over China’s economic recovery. Heavyweight banking stocks recorded strong gains, taking Nifty Bank index higher by 2% to cross 49,000-mark, its two week high. Shares of domestic metal companies gained on expectations of increased global demand after China recently unveiled stimulus plans to boost domestic spending. The US Fed’s and Bank of Japan’s monetary policy meet begins today with both expected to hold the interest rates steady. The market will focus on Fed’s updated economic projections and commentary for clues on the path ahead. We expect the market recovery to continue in the near term on the back of positive global cues and value buying at lower levels.  

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