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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equities remained volatile and ended lower for the second consecutive session, with the Nifty50 closing at 23,431, down 0.4%, as weakness in global indices weighed on sentiment. Losses in financials, pharma, and energy stocks overshadowed gains in IT, with the Nifty IT index emerging as the sole sectoral gainer, rising 3.6%. TCS surged 5% after posting a 12% YoY profit rise in Q3, giving a positive read through for the other companies in the sector. The rupee briefly touched a fresh low of 85.94, boosting the IT rally. Broader markets underperformed, with the Nifty Smallcap100 and Midcap100 slipping 1.7% and 1.4%, respectively. India's GDP growth is expected to fall to a four-year low of 6.4% in 2025, compared to a 7.2% uptick in 2023-2024, leading to continued cautiousness in the market. Consolidation may persist in the near term, with investors closely watching today’s US non-farm payroll data for further guidance. Additionally, India’s CPI release on Monday will be a key factor.

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