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

Nifty continued its upward trajectory of making new highs above 24100 zone. The index, however, came under pressure at higher levels and finally closed with a minuscule loss of 35 points at 24009 levels. Broader market outperformed with Nifty Midcap 100 up 0.6% and Nifty Smallcap 100 up 0.8%. Except for Banking and financials, all sectors ended in green. The telecom sector was in focus after Reliance and Bharti Airtel announced a price hike. Cement space too was in momentum on the back of sectorial consolidation after Ultratech announced the acquisition of a 23% stake in India Cement. Nifty and Sensex have crossed historic milestones with both the indices making fresh highs of 24174 and 79671 levels respectively. We expect this positive momentum to continue at a steady pace with stock-specific action. However, the release of economic data points next week would keep a little volatility in the market. Sector like Auto is expected to be in the limelight as OEMs would release their monthly auto Sales number.

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