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

Nifty gained 0.5% to close at 22,510 level on the back of positive global cues as the US markets rebounded on Friday and the Asian markets closed with gains on optimism over China’s plans to boost consumption. The broader market witnessed buying interest with Nifty Midcap100 and Smallcap100 rising by 0.7% and 0.5% respectively. Healthy gains in banking, financial, pharma, and auto stocks pushed front-line indices higher. Nifty Metal index rose 0.8% as China's measures to revive its economy were seen aiding base metal prices. Further, weakness in US dollar index amid mounting economic concerns in the US, lifted the metal stocks. Indian rupee gained for the third session, closing at 86.80 per dollar, adding to the positive investor sentiments. Last week, FIIs sold just about Rs5700 crore of equites compared to Rs15,500 crore in the first week of March. This slowdown in the selling intensity suggests there could be limited downside in the near term. Market participants will watch out for the interest rate decisions of the US Fed and Bank of Japan on Wednesday and Bank of England on Thursday. The US central bank is expected to hold interest rates steady, maintaining its stance from the last meet due to risk of inflationary pressure from the US tariff policies. We expect the market to remain in consolidation mode, tracking global events over the week.

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