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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 rallied for the 5th consecutive day, ending with gains of 274 points at 24,126 (+1.2%). The index has jumped 11% in the past eight trading sessions. Today’s rally was driven by strong buying in heavyweight stocks and sustained foreign fund inflows. The FII flows were positive for the third consecutive day on Thursday (+Rs4,668 Cr), cumulating to Rs14,670 crore inflows in last three sessions. The Nifty Bank index surged to an all-time high, topping the 55,200 mark. This resulted due to a combination of factors, including strong quarterly earnings from major banks, consecutive rate cuts by the Reserve Bank of India, and ample liquidity in the banking sector. The Nifty IT index jumped over 2%, making it one of the top-performing sectoral indices for the day after banking. IT stocks surged due to upbeat guidance from Infosys and short covering across the sector. Broader market indices showed a sharp outperformance with Nifty Midcap100 and Smallcap100 rising 2.5% and 2.2% respectively. The continued weakness in the US Dollar Index, which slipped below the 98 mark today, is further reinforcing positive sentiment in the Indian market. There is optimism over U.S. Vice President JD Vance’s four-day visit to India on hopes of a bilateral trade deal between the two countries. We expect positive momentum to continue in the market, supported by strong domestic cues with stock/sector specific movements on the back of ongoing Q4 earnings announcements. Key results tomorrow include HCL Tech, Havells, AU Small Finance Bank,  Tata Communications, Waaree Energies amongst others.

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