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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty witnessed a sharp recovery a day after monthly FNO expiry, to close near the all-time high with gains of 429 points (+1.7%) at 24835. The broader market too ended in green-up more than 1%. Markets after witnessing recovery after a sell-off seen for the last five consecutive sessions, driven by buying at lower levels. This along with better-than-expected US GDP data added to the positive sentiments. Markets would also take cues from the US PCE data that will be released late today. Indian equities have shown strong resilience with sharp outperformance from broader markets. Nifty is inching towards new highs and the next crucial level of 25000 with support from sectors like IT, Pharma, Auto & FMCG while banking remained under pressure.

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