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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 equities witnessed the second day of strong gains today, buoyed by the US election outcome which favoured Donald Trump. This not only reduced the political uncertainty, but also boosted sentiments on hopes that his policies would lead to a stronger US economy. Nifty opened positive and witnessed consistent buying interest through-out the day to close with gains of 264 points (+1.1%) at 24,477. The Mid and Small cap indices gained ~2% each. All sectoral indices ended in the green with Nifty IT being the highest gainer (up +4%). IT stocks rallied amid hopes that the new US government led by Donald Trump may revive growth in the country that would be favourable for Indian IT companies. Swiggy and Acme Solar IPO opened for subscription today in the primary market. Post a favorable domestic manufacturing PMI number yesterday, the service PMI also came out to be positive indicating an improvement in commercial activities in October month. FIIs continued to be net sellers, offloading to the tune of Rs 2,569 crore on Tuesday. Markets rallied today as Donald Trump took a comfortable lead in US presidential polls crossing the 270 majority mark. Markets will be reacting on Friday to US Fed and BOE interest rate decision tomorrow. There is an expectation of 25bps rate cut by the Fed committee. We expect markets to see a near term bounce back due to positive sentiments globally.

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