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

Indian equities rebounded after a three-day losing streak, with Nifty50 climbing 98 points to close at 24,779 (+0.4%). The recovery was broad-based, led by value buying at lower levels. Notably, Nifty Realty (+2.6%) bounced back after steep losses in the last few sessions. Pharma stocks extended gains on follow-up buying, while select auto exporters remained in focus amid optimism around the recently announced US-EU trade deal. There is significant action in the primary market with five mainboard IPOs including the Rs4000cr NSDL IPO opening for subscription this week. Meanwhile, there is sustained selling pressure from FIIs with net outflows exceeding Rs6000cr on Monday; however the DIIs continue to provide support to the market. Going ahead, investor focus would shift towards global macros with US Q2 GDP and the Fed interest rate decision scheduled to be announced tomorrow. On the earnings front, key results on Wednesday include Tata Steel, Interglobe aviation, Hyundai Motor, PNB, Power Grid amongst others. Overall, we expect the markets to witness selective buying, driven by quarterly results; while broader sentiment would hinge on macroeconomic data and progress in the India-US trade deal.

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