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

Domestic equities recovered smartly to close near the day’s high after opening on a negative note after US inflation came in higher than expected. Nifty gained more than 1.5% from intraday low to close with gains of 97 points (+0.5%) at 21840 levels near the day’s high.  All sectors ended in the green, baring IT & Pharma. On the global front, US inflation came at 0.3% higher than expected, dashing the hopes of rate cuts in the near term. This impacted the sentiments and the market saw a gap-down opening. However, strong buying emerged at lower levels lifting market sentiments. Broader market outperformed with Nifty Mid/small gaining 1.0%/1.6% respectively. With result season almost over, the focus will shift to global cues and economic data points. Overall we expect the market to see a gradual up move on back of strong fundamentals.

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