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Below the Daily Market Commentary On 03 November 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty traded in positive territory throughout the session to close with gains of 97 points (+0.5%) at 19231 levels. Broader market outperformed with Nifty midcap 100 up +0.7% and Nifty smallcap 100 up +1.2%. All sectors ended in green with major buying seen in Realty and Consumer Durables. Real estate stocks were in focus today after strong Q2 numbers from Godrej Properties and management commentary of overall strong residential demand. Next week investors will await US Fed Chair Powell speech for future guidance on interest policy. Next week markets are likely to consolidate with a positive bias. The 2QFY24 corporate earnings have so far been in line, with BFSI and Automobiles driving the aggregate. The spread of earnings has been decent. However, the margin tailwinds are likely to moderate in 2HFY24 with base effect coming into play and pick-up in some commodity prices. Given the ongoing result season, sector and stock specific action will continue.

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