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Below the Quote on Daily Market Commentary by Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty declined by 0.5% to 23,203, snapping a three-day rally, pressured by persistent FII outflows, mixed Q3 earnings and global uncertainty ahead of Donald Trump’s presidency. Key IT and banking stocks dragged on account of cautious commentary from Infosys management and weaker than expected results from Axis Bank. However, Nifty heavyweight Reliance extended some support as it reported healthy growth in key business segments during Q3FY25, with strong performances in Retail, and Oil-to-Chemicals (O2C). The O2C segment demonstrated resilience, driven by strong domestic demand, higher volumes and operational efficiency which is likely to have a positive impact on stocks of other oil companies. Domestic equities are expected to remain volatile with stock specific action as the corporate earnings season for the third quarter is in full swing. The December quarterly results together with management commentary will be closely tracked by investors. Donald Trump’s swearing in as the 47th president of the United States on Monday, 20th January and the following policy announcements will have strong impact on the global market sentiments. Major upcoming Q3 results include that of Kotak Mahindra bank over the weekend and Zomato, Dixon, Oberoi Realty on Monday.

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