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

Nifty bounced back from yesterday’s losses after India’s CPI inflation came in at a 3-month low of 5.10%. The index closed with gains of 127 points (+0.6%) at 21743 levels. All sectors ended in green, except Metals. Banking and Financial Services were top gainers. PSU sector bounced back after witnessing profit booking over the last few sessions. On the other hand, Reliance became the first Indian company to cross Rs.20 lakh market cap. MSCI Global Standard Index saw a quarterly rejig today that could lead to inflows of nearly $1 billion from passive FII funds. Many stocks like NMDC, GMR Airports, Union Bank, BHEL, and Punjab National Bank were in focus post the MSCI review. After two days of sharp correction, the broader market saw some recovery. Going ahead Nifty is expected to remain in the broader range given the lack of positive triggers globally and mixed set of domestic Q3 earnings which too is unable to provide any support. All eyes will be on US inflation data that will be released late today, as it will hold key importance from the US Fed interest rate cut point of view.

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