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Below the Quote on Daily Market Commentary for 23rd September 2025 By Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty50 ended marginally lower by 33 points at 25,170 (-0.1%), after hitting an intraday low of 25,085. The benchmark indices staged a significant recovery, trimming most of their early losses, as buying in auto, metal and banking shares lifted investor sentiment. The NiftyMidcap100 and Smallcap100 indices underperformed, declining between 0.4-0.5% each. Sectoral indices showed a mixed trend. Auto stocks gained, with Nifty Auto index up by 0.6%, driven by signs of robust demand during the first day of Navratri festive sales. Dealer checks indicated strong bookings for Maruti, Tata Motors and Hyundai India, recovering from a subdued September due to the Shradhh period. Meanwhile, FMCG, Realty and IT indices were down between 0.8-1% each. On the macro front, India’s Composite PMI eased to 61.9 in September from 63.2 in August, pointing to a modest slowdown but still signalling strong expansion. Core sector output growth surged to a 13-month high of 6.3% in August (vs. 3.7% in July), aided by a low base and robust steel and coal production. Globally, India-US trade talks continue to be in focus, with Commerce Minister Piyush Goyal meeting US Trade Representative Jamieson Greer in New York on Monday to accelerate negotiations. Overall, we expect markets to remain firm, supported by a rebound in domestic demand driven by GST reforms and festive momentum.

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