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

Market bounced back sharply today, with Nifty gaining 217 points, closing at 24,131 (+0.9%). Except realty and PSU banks, all sectoral indices ended in the green. Pharma and healthcare indices gained more than 2% each on the back of a combination of factors including depreciation of Rupee and proposed US tariffs on China. Nifty Midcap100 and Smallcap100 indices ended with gains of 0.2% and 0.8% respectively. Fundraising through qualified institutional placements (QIPs) reached an all-time high in 2024, surpassing the Rs 1 lakh crore mark for the first time ever in a calendar year indicating strength in equity markets. Market will be seen reacting to the weak Q2 GDP data for India which came at 5.4% against an expectation of 6.5% and China’s manufacturing PMI which will be declared on Saturday. Investor sentiments going forward will be directed by geo-political developments and FII activity. We expect the market to remain range-bound amidst mixed global cues and lack of domestic triggers.

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