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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 traded in the positive territory for most part of the session but succumbed to selling pressure in the last hour, closing with a loss of 97 points at 22,460 (-0.4%). The sell-off was largely attributed to weak cues from Asian markets and a sharp decline in US stock futures. The broader market underperformed with Nifty Midcap100 and Smallcap100 declining by 1.5% and 2% respectively. All sectoral indices ended in the red, except for the FMCG sector which closed marginally up. Consumption stocks are expected to be in focus following news reports that the Finance Minister is considering a reduction in GST rates. Rice-export companies are likely to gain as the Indian government allowed exports of 100% broken rice. Stocks of AC and AC component manufacturers to benefit from strong demand as the summer season has started well and the compressor shortage situation is expected to ease out with industry representation to the government to extend BIS certification for compressor suppliers. We expect the market to remain largely range-bound in the absence of any significant domestic trigger. Investors will be closely monitoring the global developments including the US tariffs, geopolitical negotiations and their impact on the U.S. dollar/crude oil prices for further cues.

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