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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 with marginal gains of 8 points at 22,553 level, closing in the green for the third consecutive day. The recent gains in Nifty are driven by value buying following the sharp market decline. Also, there is some relief on the US tariff front as President Donald Trump postponed the 25% tariffs on most goods from Canada and Mexico, which he imposed this week. The temporary suspension is till April 2nd,  when the US has threatened to impose a global regime of reciprocal tariffs on all trading partners. Trump’s fluctuating trade policies have led to global uncertainty, impacting the market sentiments world-wide. Shares of Indian IT companies were under selling pressure as a weakening US dollar and a decline in the tech-heavy Nasdaq index weighed, with the Nifty IT index down 0.9%. Conversely, the Oil & gas index gained 0.6% on the back of falling crude prices and the Metal index rose by 0.4% on China’s announcement of cutting its steel output and ramping up stimulus. Broader market traded mixed with Nifty Midcap100 down 0.3%, while Smallcap100 was up by 0.7%. Investors to watch out for US unemployment rate and Fed Chair Powell’s commentary later today and Trump’s address on Saturday, for further cues. We expect the market to trade within a broad range, albeit some volatility on account of fickleness in global developments.

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