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

Nifty closed the first trading session of 2025 with gains of 98 points at 23,743 (+0.4%), despite opening flat due to lack of global cues as most equity markets were shut on account of New Year. Nifty Auto index gained over 1% as heavy-weights Maruti and M&M reported better than expected monthly sales for Dec’24. Maruti Suzuki's total sales rose 30% YoY to 1.78 lakh units against 1.37 lakh units in the same period last year. M&M declared a 16% rise in total auto sales for the month. However Bajaj Auto posted weak numbers with 1% decline (YoY) in its monthly sales. Nifty Realty index witnessed selling pressure resulting in a fall of 1%. Broader markets showcased strength with Nifty midcap100 and smallcap100 indices gaining 0.4% and 1% respectively. India's fiscal deficit for Apr-Nov’24 stood at ?8.47 lakh crore, accounting for 52.5% of the government's full-year target of ?16.13 lakh crore. The government spending has been slow in 2024 due to the national elections and is likely to fall short of the annual target for FY25. Investors will watch out for December manufacturing PMI of India and US to be released tomorrow. FIIs continue to sell, offloading equities worth Rs 4,645 crores on Tuesday, leading to outflows of Rs17,000 crore in Dec’24. We expect markets to remain sideways until the start of the Q3 result announcements that will likely induce stock/sector specific action.

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