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Market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty continued its previous session’s momentum and closed with gains of 71 points at 21911 levels near the day’s high. The broader market outperformed with Nifty midcap 100/Nifty smallcap 100 up 1% each. PSU stocks resumed their ongoing rally after a short pause. OIL & Gas posted solid gain due to impressive quarterly results, improved GRM and strong growth expected in India’s oil consumption going forward. With the end of Q3 result season, the focus is now shifting to fundamentals and economic macro data. Domestic equities are taking support from better-than-expected inflation which would keep the trend positive. Nifty is now close to 22k as well as its all-time high, we expect it to surpass these levels and touch new highs.

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