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

Nifty made another new high amid intra-day volatility and closed with handsome gains of 100 points (+0.4%) at 25152 levels. Sector-wise it was a mixed bag with buying in Oil & Gas, FMCG, and Auto. Broader space, however, underperformed with Midcap 100/Smallcap 100 down 0.4%/0.5% respectively. Focus during the day remained on Reliance AGM wherein the company announced to consider 1:1 bonus along with various other strategic investments. Market continued its winning streak for the 11^th consecutive day and we expect this gradual uptick to continue with Nifty making fresh highs day on day. This will be supported by India’s rating being maintained globally (Rating agency Fitch affirmed India’s rating at 'BBB-' with a stable outlook) on the back of a strong medium-term growth outlook and strengthening fiscal credibility.

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