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Below the Daily Market Commentary On 04 December 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Indian equities celebrated BJP's sweeping victory in the three states by rallying more than 400 points to hit fresh high of 20702 levels. Nifty opened gap up and saw a one side movement to close with gains of 419 points (+2%) at 20689 levels. All sectors ended in green, barring pharma. Oil & Gas, Banking and financials were top gainers up 3% each. Government related sectors like Infra, Capital Goods, Power, Railways, defence and PSU stocks were in momentum today. The outcome overwhelmingly in favour of the incumbent BJP, strong macroeconomic data and easing global interest rate expectations boosted the market momentum. Nifty has rallied by 1865 points or 10% from its low of 18837 made in October 23. We expect market sentiment to strengthen further as the ongoing pre-election rally is quite strong now. Given the government’s focus approach towards long-term capex across key areas, we expect BFSI, Industrials, Real Estate, Auto and Consumer Discretionary to do well going forward.

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