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

Equity markets showed resilience for the 2nd consecutive day, with Nifty gaining 190 points (+0.8%) intraday to reach a high of 23,235 by noon. However, with selling pressure emerging in the second half of the day, Nifty erased most of these gains. Despite this, Nifty managed to close above the crucial 23k mark at 23,031 with a marginal loss of 14 points (-0.1%). Market experienced volatility on the back of mixed global cues and curiosity ahead of the highly anticipated meeting between Indian Prime Minister Narendra Modi and US President Donald Trump later today. The market is hoping for a fruitful meeting amidst talk of reciprocal tariff by US. The global market sentiment improved following reports of US-Russia talks, raising hopes for potential negotiations in the Russia-Ukraine war. The Financial services index gained as India’s CPI fell to a five-month low of 4.31% in January, bolstering expectations of a further rate cut by the RBI. Nifty Pharma and Healthcare indices witnessed buying interest, gaining over 1% each after media reports suggested that US might consider exempting the pharma sector from reciprocal tariffs. US CPI rose 50 bps to 3% YoY in January higher than expectations, dimming hopes of Fed rate cuts in the near term. We expect domestic equities to react to the outcome of the Modi-Trump meeting and the last set of Q3 earnings to be announced tomorrow.

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