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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 higher amid a highly volatile session ahead of RBI policy outcome on Friday, closing 241 points up at 24,708 (+1%). Broader markets too gained between 0.6-0.8%. IT index was the top gainer, adding nearly 2% on account of continued weakness of Indian rupee against dollar and US Fed Chairman Jerome Powell’s comments about resilience of the US economy. Market volatility today was largely induced due to uncertainty around MPC’s policy meet and RBI's focus on liquidity measures following a dip in economic growth. Indian equities staged a strong rebound during the day, fuelled by robust buying in heavyweight stocks across various sectors and positive market sentiment. The upmove was further supported by Foreign Institutional Investors (FIIs), who turned net buyers, contributing over Rs.5,000 crore in the past two sessions. While Markets could start on a volatile note on Friday morning, overall we expect the uptrend to continue.

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