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

Nifty after consolidating in the last few days, recovered smartly to make a fresh high above 24500 levels led by IT heavyweights. The index closed with handsome gains of 196 points (0.8%) at 24512 levels. Majority of the sector ended in green with buying seen in IT, Oil & Gas, and Banking. IT saw a fresh rally and was up 4% after TCS reported inline numbers. Nifty after seeing profit booking during the week made a comeback on the back of a positive start to Q1 earnings from IT major TCS lifting sentiments across the street. We expect this momentum to continue supported by the expectation of healthy quarterly results, hope of a rate cut, and a pre-budget rally. IT sector is expected to be in focus as other IT majors will come out with results. On Monday, markets will react to India's inflation data which will be released post-market. Key results next week include Jio Financials, HDFC Life, Asian Paints, LTI Mindtree, Infosys, Havells, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China’s Q2GDP numbers, US Core Retail Sales data, and ECB interest rate decisions.

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