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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 flat at 24,610 level. The broader markets logged modest gains, with Nifty Midcap100 and Smallcap100 indices rising by 0.2% and 0.3%, respectively. IT index gained 0.8%, driven by the rising US dollar and rally in the global IT indices. PSU Banks saw fresh buying amid hopes of a favorable monetary policy following the appointment of Sanjay Malhotra as the new Governor of the Reserve Bank of India. Market sentiment will be influenced by U.S. inflation data to be released tomorrow.  On the domestic front, the primary markets will have three mainline IPOs, including Vishal Mega Mart and Mobikwik, opening for subscription. FIIs have bought equities worth Rs12,658 crore in December month so far with only 2 days of selling, thus providing much needed boost to the broader market. We expect the market to largely remain in a broader range with a positive bias supported by FII buying and favourable government policies.

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