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

Nifty opened higher and maintained its strength throughout the session to close at days’ high with gains of 189 points (+0.9%) at 22,336 levels. Broader market too saw similar gains with Midcap100/Smallcap100 up 0.8%/1.3%. Majority sectors ended in green with PSU Banks rallying 3%, followed by consumer durable. Capital goods, pharma, auto and fertilizer stocks were other major gainers. Positive global cues provided support to the market as the tensions eased out a little in the Middle East, while China left its prime lending rate untouched. Oil prices too have eased off to $86 following reduced geopolitical tension and expectation of OPEC to increase oil production. On the domestic front, hope of normal monsoon and above expected direct tax collection added fuel to the market sentiments. PSU Banks witnessed fresh buying today following the news that the Centre may disinvest minority stakes in five public sector banks (PSBs) if they fail to comply with the minimum public shareholding (MPS) norm by raising fresh capital from the market in a year. Tomorrow investors would react to Reliance results which will be declared today evening. This week, US will be releasing GDP and core PCE data which will provide direction to the market while stock specific actions will be seen as we progress into the earnings season.

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