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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 at 22,933 level (-0.1%), amid volatility on the back of mixed global cues. US markets gained on Tuesday, with S&P 500 closing at a record high while the Asian markets ended lower after US President Donald Trump announced plans to impose 25% tariffs on auto, semiconductor, and pharmaceutical imports from April’25, a move that could hamper international trade and dampen global market sentiments. This impacted Nifty Pharma index which declined by 0.7% with selling pressure seen in several Export-oriented Pharma companies. Defence stocks witnessed buying interest after the Defence Secretary said the relaxation in foreign direct investment (FDI) policies and streamlining the industrial licensing procedure will propel growth in the industry. Shares of oil marketing companies gained as media reports suggested that the government may consider a one-time subsidy for the OMCs to compensate for losses on the sale of domestic LPG in FY25. The broader market staged a smart recovery with Nifty SmallCap100 and MidCap100 indices rallying 2.4% and 1.6% respectively. All eyes are now on the FOMC meeting minutes, set for release later tonight which could shape market expectations on the U.S. interest rate outlook. Meanwhile, geopolitical developments were in focus as US and Russia held a high-level meeting in Riyadh, agreeing to work towards ending the Russia-Ukraine war and establishing better diplomatic and economic ties. We expect the market to continue trading in a range-bound manner, tracking the global market cues, Trump’s tariff policies and political developments in the Russia-Ukraine war.  

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