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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 ended marginally lower at 25,476 (-0.2%), as investors maintained a cautious approach amid developments on the US tariff front and the start of Q1 earnings season. The Nifty Metal index declined 1.6% as metal stocks witnessed selling pressure after US President announced plans to impose 50% tariffs on copper imports; while having implemented similar duties on steel and aluminium earlier. Nifty Pharma index closed in the green as concerns allayed after US deferred the planned 200% tariffs on pharmaceuticals imports by 12-18 months. Shares of IT companies would be in focus with TCS Q1FY26 result announcement on Thursday. We expect TCS to post revenue decline of 0.5% QoQ in constant currency terms, with EBIT margins likely to remain flat, impacted by talent investments, lower utilization, and limited operating leverage. The broader market ended mixed with Nifty Midcap100 down 0.2%, while Smallcap100 gained 0.5%. Indian markets remain in a wait and watch mode, tracking the conclusion of the India-US mini trade deal, which is likely to determine the near-term market direction.   

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