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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Nifty50 rallied 1.2% to close at 23,191, crossing the 23k mark after a month. The rally was driven by gains in the US market after the Federal Reserve maintained its forecast of two rate cuts this year despite the ongoing tariff concerns. Although, it lowered the economic growth forecasts and raised projections for inflation. It also highlighted the growing uncertainty over the impact of Trumps policies on the economy, resulting in mixed sentiments among investors. Broader market indices too ended on a positive note, with Nifty Midcap100 and Smallcap100 gaining 0.7% each. Amongst sectors, Oil and gas was the top gainer, rising by 1.7%. Auto, IT, FMCG and Metal indices followed with gains of over 1% each. The German government approved a significant increase in defence spending which is likely to increase the scope for exports for  domestic defence companies. This development led to a surge in the Nifty India Defence index. With the Indian equities witnessing gains for the last four trading sessions; we expect the market recovery to continue in the near term, driven by continued buying interest and positive global cues.

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