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

Nifty ended flat amidst a volatile session, at 24,467 level (+0.04%) due to tug of war between positive domestic factors and weak Asian cues. Broader market outperformed with mid and smallcap indices gaining 1% and 0.9% respectively, rising consistently for the last 3 weeks. The PSU Bank index jumped 2.3% as the Banking Laws (Amendment) Bill, 2024 was passed in the Lok Sabha on Tuesday, introducing significant changes aimed at improving governance in the banking sector. Further there are hopes of a CRR cut by RBI in its upcoming policy review meeting later this week. Defence stocks were in focus, following the Defence Acquisition Council's (DAC) approval of five key acquisition proposals worth over Rs 21,772 crore. India’s service PMI came at 58.4 in November compared to 58.5 in the previous month. The service sector has held steady in the second quarter, despite GDP growth dipping to a seven-quarter low of 5.4%. FIIs bought shares worth Rs3,665 crore on Tuesday, which boosted market sentiments. Market will watch out for comments from Fed chair Powell and US jobs data to be released tomorrow. Going forward, we expect Nifty to sustain its gradual upmove, driven by positive developments in government policies and a potential increase in liquidity resulting from the RBI’s upcoming policy decisions.

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