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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 opened lower but showed a smart recovery during the day gaining 104 points (+0.4%) on account of buying interest emerging at lower levels. Broader markets were flat to positive. Most of the sectoral indices ended in the green except IT and FMCG which were impacted due to subdued guidance from Infosys and lower-than-expected Q2 results from FMCG giant Nestlé. Banking stocks were amongst top gainers with decent numbers and positive commentary coming in from Axis bank.  On the economic front today, China will be announcing its Q3 GDP numbers while UK will come out with its retail sales data for September. We expect consolidation to continue in markets on account of mixed global cues and lack of domestic triggers. However stock specific action will be seen driven by the quarterly earnings results.

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