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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 marginally lower at 22,913 level (-0.1%), amid mixed global cues. US markets gained on Tuesday with the S&P 500 closing at a record high for the second-straight day. Asian markets declined as U.S. President Donald Trump’s proposed tariffs and Federal Reserve’s stance of keeping rate cuts on hold in the near term, weighed on investor sentiments. Minutes of the FOMC’s latest policy meeting released on Wednesday suggested that Trump's trade policies could keep the inflation rate above Fed’s target, reinforcing its patient approach towards future rate cuts. Broader market indices continued to outperform for the second continuous trading session, with Nifty Midcap100 and Nifty Smallcap100 gaining over 1% each. Amongst sectoral indices, Metals, Oil & Gas, Auto and PSU Banks witnessed buying interest, rising  1-2% each. Tobacco stocks fell sharply, after reports suggested that the Goods and Services Tax Council might consider hiking the GST rates on cigarettes and other tobacco products. On the macro front, preliminary release of February-month manufacturing and services PMI of US and India tomorrow, will be the key data to watch out for. We expect Nifty to consolidate near its current levels in the absence of any fresh triggers, as it can be seen holding above 22,800-22,900 levels since the past seven trading sessions supported by buying at lower levels.

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