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Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty opened positive and gained strength throughout the session to close near the day’s high with gains of 158 points (+0.7%)  to close at 21929 levels. Broader market too ended in the green with Midcap100/Smallcap100 up 1.2%/0.8%. Baring Banks and FMCG, all sectors ended with gains. Oil & Gas and IT were top gainers up 3%. BLS e-services had a bumper debut, listing at a premium of 129% and closed with total gains of 175% from IPO price. Majority of the European and Asian markets were trading positive on back healthy earnings updates and signs of fresh stimulus in China. This coupled with strong services PMI data supported domestic equities. Overall, we expect the market to continue its positive momentum with sectorial rotations. The key event this week is RBI’s monetary policy which provide direction to the market. Though RBI is expected to maintain status quo, commentary would be eagerly eyed with regards to hint on rate cut.

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