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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 24,812 (-0.2%) in a volatile session, as investors remained cautious ahead of the US Fed policy announcement and continuation of cross-border strikes between Israel and Iran. The broader market underperformed with Nifty Midcap100 and Nifty Smallcap100 down by 0.5% and 0.3% respectively. Profit booking in IT stocks, led to a decline of 0.8% in Nifty IT index - snapping its three-day gaining streak. In contrast, Nifty Auto gained 0.4%, following reports that India may shift its rare-earth magnet imports to Australia after China’s recent restrictions on export raised supply concerns. On the macro front, all eyes will be on US Fed's policy outcome later today. While interest rates are expected to remain unchanged, Fed’s commentary on the path ahead would be closely followed, especially in light of weak macroeconomic data and the recent tariff-related actions. We expect Thursday’s session to be guided by global cues including the Fed policy outcome and developments on the geopolitical front. Benchmark indices are anticipated to remain range-bound, with possible rotation toward defensive sectors amidst global uncertainty.

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