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

Nifty bounced back in the second half of the session to make a fresh high above the 24800 zone supported by buying in select heavyweights. The index closed with gains of 188 points at 24801 levels. Broader market underperformed down more than 1%. Sector-wise it was a mixed bag with buying seen in IT, FMCG, Financials, and Auto. IT sector gained more than 2% after LTI Mindtree reported better-than-expected Q1FY25 results and hopes of other companies to follow a similar trend. SEBI’s proposal for a new asset class between mutual funds and PMS with a Rs10 lakh ticket size, continued FII buying and a rise in India’s GDP forecast by both IMF and ADB supported the market as Nifty made a smart recovery. We expect this ongoing momentum to continue with stock-specific action. All eyes would be on the budget next week which could set the tone for the next leg of market rally.

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