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

Indian equity market continued its winning streak for the 5th consecutive day with Nifty50 closing at 23,350 (+0.7%). FIIs bought Rs3,239 crore on Thursday aiding the positive sentiments. Today there was also the likely inflows of $1.4-1.6 billion in the last 30 minutes of the trading session due to the FTSE rebalancing. Broader market indices outperformed, with Nifty Midcap100 and Smallcap100 gaining 1.3% and 2% respectively. Amongst sectors, Oil and gas was amongst the top gainers, rising by 1.8%. Banks, Financial services, Pharma and Healthcare indices followed with gains of over 1% each. Defence stocks gained after the Defence Acquisition Council (DAC) approved eight defence proposals worth over Rs54,000 crore and also approved guidelines to reduce the timelines of acquisition. Nifty has recovered 6.3% in the last three weeks indicating value buying at lower levels. We expect this upward momentum to continue, on the back the foreign institutional investors’ return to the Indian market amid attractive valuations and signs of economic recovery.

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