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Below the Daily Market Commentary On 29 November 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities rallied for second consecutive day on back of positive global cues and gains in heavyweights. Nifty surpassed the 20k levels for the first time after September and closed with gains of 207 (+1%) points at 20,097 levels. Majority of the sector ended in green with buying seen in IT, Banking, Financial and Auto. Market optimism was fuelled by better-than-expected US consumer confidence data and dovish comments from US Fed official Christopher Waller, suggesting rate cut in 2024. Further, upgrade in India’s GDP growth forecast by global rating agency S&P to 6.4% for FY24 and FIIs turning net buyers from last four trading session boosted the sentiments. All these factors led BSE-listed companies to reach ?333bn market-cap. We expect the market momentum to sustain over the next few days. However, several important events including India GDP, monthly F&O expiry, state election exit polls and OPEC+ meeting on Thursday could induce some volatility over the last 2 days. Market will also react to US GDP data to be release late today.

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