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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 declined by 113 points to close at 23,092(-0.5%) amidst relentless foreign portfolio investor (FPI) selling and underwhelming corporate earnings for the December quarter.  Broader market indices were under heavy selling pressure as Nifty Midcap100 lost 1.6% and Nifty Smallcap100 plunged 2.4%. The FPIs offloaded equities worth Rs 5,463 crore yesterday, pushing their cumulative outflows for the month to Rs 66,322 crore. In global developments, the Bank of Japan hiked interest rates by 25bps to 0.5%, bringing its policy rate to its highest level since 2008, as it seeks to normalize its monetary policy. On the other hand, US' benchmark S&P 500 rose to a record high, while the other two indices gained for fourth day in a row after U.S. President Donald Trump called for lower interest rates and cheaper oil prices. Domestic equities are expected to trade within a broad range with some volatility amidst the Q3 result season, unfolding of US President Trump’s economic policies and the Union Budget on Saturday (1st Feb’25). PSU and capex themed stocks such as railway, defence, capital goods will be in focus ahead of the Budget.

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