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

Benchmark index Nifty50 ended higher by 109 points at 23,437 (+0.5%), in a volatile trading session today. Nifty Midcap (up 0.7%) and Smallcap (up 1.1%) indices outperformed driven by sustained buying interest. Indian market showed resilience, despite the global market cues being flat to negative as US tariff uncertainties persist. Positive investor sentiment was supported by better than expected data on India’s retail inflation (CPI), which eased to a six-year low of 3.34% in March against 3.61% in February. Further, the FIIs turned net buyers yesterday for the first time this month, with inflows exceeding ?6,000 crore. On the sectoral front, banking stocks witnessed a smart rally, extending gains for the third straight session as the cool-off in retail inflation boosted expectations of further rate cuts by the RBI. On the flip side, Auto, Pharma and Healthcare indices ended in the red over lingering tariff concerns. Investors will be tracking the comments from the US Federal Reserve later today for insights into the status of the US economy, impact of trade tariffs and the future direction of interest rates. We expect continued positive momentum for Indian markets on the back of progress in US-India trade settlement as the two countries signed the terms of reference for the first part of the Bilateral Trade Agreement (BTA). However, the escalation of tariff war between US and China could induce some volatility. Further, market will be closely watching the upcoming Q4 results which includes those from Infosys, HDFC AMC, HDFC Life Insurance to be announced tomorrow.

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