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

Nifty recovered in the second half of the session to close with gains of 32 points at 22056 levels. Broader market underperformed with Nifty Midcap 100 down -0.3% and Nifty Smallcap 100 down -0.6%. Sector-wise it was a mixed bag with buying seen in Metals, Realty, and Auto. While IT and FMCG were laggards. This week, the market will focus on major central bank meetings with the Bank of Japan scheduled to announce its outcome on Tuesday. Japan’s GDP rose to 0.1% in Q4CY23, vs -0.1% in Q3CY23, which raised speculation that the Bank is likely to discontinue its ultra-loose monetary policy. These apart investors would also track economic data like European CPI data which will be released late today. Overall, we expect the markets to consolidate over the next few days while the broader market may continue to remain subdued.

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