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

Benchmark indices Sensex and Nifty jumped more than 2% on account of positive global market cues after US President Trump announced a temporary tariff relief on phones, computers and popular consumer electronics. He also hinted at possible exemptions on tariffs for imported vehicles and auto parts. Market optimism was further driven by a sharp drop in the U.S. Dollar Index, which has fallen to a 3-year low below 100 mark. Nifty50 ended higher by 500 points at 23,329 with strong buying in several large-cap stocks. Broader market outperformed with Nifty Midcap100 and Smallcap100 gaining 2.5% and 2.9% respectively. Amongst sectors, Realty index was the top gainer (up 5%), boosted by the second straight 25 bps rate cut by the RBI%. Nifty Auto soared 3.3% as shares of automobile manufacturers, auto component and tyre companies gained significantly after US signalled potential tariff exemption for the automotive sector. EMS stocks surged, buoyed by the exemption of consumer electronics from US tariffs. Defence shares were in momentum, driven by rise in domestic orders and global military spending. The IMD has predicted above-normal rainfall for India this monsoon, with cumulative rainfall estimated at 105% of the long-period average of 87 cm. This is expected to benefit fertilizer, auto (two-wheeler) and rural consumption stocks. On the macro front, India’s Wholesale Inflation (WPI) for March fell to four-month low of 2.05% against 2.38% in February. Investors will be closely tracking the retail inflation (CPI) data to be released post-market today. Further, focus will be on the key Q4 earnings announcements including those from ICICI Lombard, ICICI Prudential today and Wipro, Angel One tomorrow. We expect positive momentum to continue in the market, on hopes of global trade settlements and softening in US reciprocal tariffs. Meanwhile stock/sector specific action could be seen on the back of quarterly results and insights from management commentary.

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