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

Nifty rebounded and remained positive throughout the session amid buying in index heavyweights like Reliance & Maruti. The index closed with handsome gains of 119 points (+0.5%) at 22124 levels.  Sector-wise it was a mixed bag with buying seen in Realty, Auto, Private Banks, and Consumer Durables. The NSE’s semi-annual rebalancing of Nifty Indices took place today, which also led to buzzing action in many counters. In addition, recent upward revision in India’s GDP growth forecast by both Moody’s and S&P Global rating agencies uplifted the sentiments. Further decline in domestic current account balance in Oct-Dec and more than ?50k crore buying by DIIs in the month of March added to positivity. However, with monthly derivatives expiry, and financial year-end tomorrow, volatility could be seen tomorrow. Moreover many global economic data are expected tomorrow which could further add to volatility. Key events to watch - UK GDP Data, US core PCE, Q4 GDP data and initial jobless claim data to be release on Thursday

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