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Below the Daily Market Commentary On 09 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty opened on a strong note on the back of positive global cues, surpassing 21700 on an intraday basis. However, it witnessed profit booking towards the end of the day which wiped off the day's gains with Nifty closing with marginal gains of 32 points at 21545 levels. Sector-wise it was a mixed bag with buying seen in Realty, Pharma, Auto, and IT. Realty sector rallied by 2% on the back of healthy pre-quarterly updates released by companies in the last few days. A record registration of 40.32 lakh people (74% YoY; 31% MoM) in SIPs for December reflects confidence among investors in India's macroeconomic fundamentals and positive momentum in the market. Bloomberg Index Services to include India's Fully Accessible Route (FAR) bonds in the Bloomberg Emerging Market (EM) from September 2024 boosted the sentiments. Overall, we expect the market to consolidate in a broader range and take cues from the upcoming earning season.

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