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

Benchmark index Nifty had a gap up opening after US announced a 90-day pause on tariff hikes for most countries excluding China. The US-China trade war has escalated after China’s retaliation. Today, China raised tariffs on US goods to 125%, up from 84%, following President Trump’s tariff hike on Chinese imports to 145%. Despite these global trade uncertainties, Nifty held on to its gains to close higher by 429 points at 22,829(+1.7%). Broader market too witnessed buying interest with Nifty Midcap100 and Smallcap100 rising by 1.9% and 2.9% respectively. On the sectoral front, Nifty Metal was the top gainer (up 4.1%) due to positive sentiment on the back of temporary pause on US tariffs. Consumer Durable, Pharma and Oil & Gas indices followed with gains of over 2% each. Shares of mutual fund companies surged as SIP inflows remained steady at Rs 25,926 crore in March (as per data released by AMFI), recording only a marginal fall from February despite global market turmoil. On the macro front, the US retail inflation (YOY) eased more than expected in March, reaching 2.4%; down from 2.8% in February while the US core inflation rate hit a 4-year low. Investors will watch out for India’s inflation rate (CPI) and Industrial production data to be released later today. We expect the Indian markets to remain volatile, tracking global market cues, developments on the US tariffs and the Q4 corporate earning announcements. Key results in the next week include ICICI Lombard, ICICI Prudential, Wipro, Angel One, Infosys, HDFC Life, HDFC AMC, HDFC Bank, ICICI Bank amongst others.  

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