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Below the Daily Market Commentary On 20 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic markets started the special trading session on a positive note led by firm global cues but drifted into red in the second half. Nifty ended the session with loss of 50 points (-0.2%) at 21571 levels. Broader market however outperformed with both Midcap 100/Smallcap 100 up 0.5%/0.2%. PSU Banks were biggest gainers rallying almost 2% post robust results from smaller PSU Banks. Niche sectors like railway, power utilities saw huge buying interest. However profit booking was seen in IT sector after strong run-up over last few sessions following better than expected results by IT heavyweight. Next week is a truncated week following  holiday on Monday on account of pran pratishtha of Ram temple in Ayodha and on Friday on account of Republic day. Traders should stay light as earnings season would get in full swing leading to stock specific action largely. Moreover, interest rate decision of BoJ and ECB is due next week along with US GDP and PMI data which would have an influence on the global rate cut trajectory.

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