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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 higher for the second straight session, rising 130 points to close at 24,751 (+0.5%). Positive global cues and expectations of another interest rate cut in the RBI policy on Friday boosted market sentiment. FIIs returned as net buyers on Wednesday after two consecutive days of selling, pumping in Rs1,076 crore into Indian equities. Renewed foreign inflows provided added comfort to the markets. Broader market outperformed with Nifty Midcap100 and Smallcap100 gaining 0.7% and 1% respectively. Smallcap stocks continued their rally, pushing the Nifty Smallcap index into the green for the fourth consecutive session. Nifty Realty emerged as the top sectoral gainer, rising 1.8% on strong buying interest ahead of the RBI’s repo-rate decision. There will be continued focus on other rate-sensitive sectors as well, which include PSU Banks, NBFCs and Auto. Pharma and Healthcare indices rose over 1% each, driven by optimism around a potential India–US trade agreement as American officials visit New Delhi for a two-day meeting. The US 10-year bond yield eased to 4.36% amid signs of a slowing US economy, a near-term positive for emerging markets like India. Overall, we expect markets to consolidate with a positive bias, tracking global markets, macro-economic indicators and progress in US-India trade negotiation.

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