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

Markets ended at fresh all-time high amid short covering, improving investor’s sentiments towards the election outcome and healthy macros highlighted by the record dividend payout by RBI. Nifty surged sharply amid strong gains in PSU banks and select index heavyweights. Nifty closed with gains of 370 points (+1.6%) at 22968 levels. It made a new high of 22,993 just inches away from 23,000 mark.  Midcap Index too touched fresh highs during the day. All sectors ended in green, baring Pharma & Healthcare. Auto, Banking, Financials and IT were among the top gainers. Auto, NBFC and FMCG stocks gained after the RBI reported rising rural consumption for the first time in 2 years. Market-cap of BSE-listed companies too crossed $5 trillion making India the 5^th country to reach this milestone. We expect this Positive momentum to continue on the back of an improving political environment, continued short covering by FIIs, and strong domestic macros. Sectors like Defence, Banking, and Railways are expected to remain in focus.

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