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Below the Daily Market Commentary On 23 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd 

Domestic equities bounced back strongly today after yesterday’s sharp sell-off. Sentiments turned buoyant following positive global cues, impressive quarter results and better than expected January PMI data. Nifty rose 215 points (+1.0%) to close at 21454 levels. Broader market too rallied with Midcap100/Smallcap100 up 1.8%/1.7%. Most of the beaten down sectors recovered today including IT, PSU Banks, Railways, Metals, Oil & Gas, PSUs, and Media. Global markets rallied after the People’s Bank of China said it would cut the reserve requirement ratio for banks on Feb. 5, which should provide boost to the economy. Investors would now await Manufacturing PMI data from the US & UK later in the day which would provide some direction to the market. Given monthly F&O expiry and long weekend ahead, traders would stay light especially in absence of any major positive trigger

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