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

After consolidating for the last two trading sessions, Nifty resumed its uptrend to close with gains of 105 points at 23,592(+0.5%). Strong buying across heavyweight financial stocks extended support to the key indices. The global market trend was weak, following US President's announcement of a 25% tariff on foreign-built cars and light trucks from 2nd April. Auto and auto ancillary stocks were under selling pressure, following the announcement; pushing Nifty Auto Index down by 1%.The broader market sentiment remained resilient on the back of continued buying interest, with Nifty Midcap100 and Smallcap100 gaining 0.5% and 1.3% respectively. The PSU Bank index was the top gainer, rising by 2.6% after the Banking Laws (Amendment) Bill was passed in the Parliament yesterday. Investors await further details on the US tariff measures and the broader economic outlook ahead of President Trump's deadline. Markets will track the US Q4 GDP data to be released later today and the US CPI for February to be released tomorrow. FIIs were net buyers of over Rs2,200 crore on Wednesday, and more than Rs21,000 crore in the past five trading sessions, supporting the domestic market sentiment. We expect the market to consolidate with a positive bias, tracking outcome of the ongoing US-India trade meet and developments on the global front.

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