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Below the Daily Market Commentary By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty witnessed a volatile session to finally end near day’s low with minor loss of 44 points (-0.2%) at 22888 levels. Broader market witnessed sharper profit booking with both midcap100 and smallcap100 down 0.9%. India VIX  too rose 4% to 24 levels, indicating heightened volatility. Except Pharma, FMCG and Financials all sectors ended in red. Nifty has been consolidating in a broad range for 3^rd consecutive day as investors remain watchful ahead of big event of election outcome next week. Even global markets are consolidating ahead of US GDP data and core PCE data, releasing on May 30, which will be crucial indicator for US Fed interest rate decision. We expect Nifty to remain sideways to marginally positive the back of reduced FII selling, prediction of above normal monsoon and last leg of Q4 results.

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