Quote on Daily Market Commentary for October 29th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary for October 29th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Indian market recovery is likely to continue, supported by hopes of peace talks between the US and Iran, improving domestic growth expectations following the upward revision in the Q2 FY27 GDP estimate, and intermittent buying by Foreign Institutional Investors. Crude oil prices eased amid renewed hopes of diplomatic efforts to de-escalate the conflict in the Middle East. The US Federal Reserve kept interest rates unchanged, as it awaits for future economic data before making any further policy changes. Investors will track US GDP and labour market data today, followed by Eurozone GDP and unemployment data and the Bank of Japan’s policy decision tomorrow. Stock-specific action is likely to continue, with Varun Beverages, Welspun Living and Vinati Organics scheduled to announce results tomorrow. The Nifty 50 gained 1.1%, while Midcap100 and Smallcap100 rose 1% each. All sectoral indices ended higher except Nifty Auto, which declined 0.2%. Nifty FMCG led the gains +2.3%, supported by defensive buying and expectations of festive demand. Nifty PSU Bank also advanced +2.2, contributing to the broader market recovery. The Finance Ministry estimates Q2 FY27 GDP growth at 7.35%, marginally above its earlier 7.3% projection, supported by industrial output, energy consumption, port traffic, GST collections and automobile sales. India’s Industrial Production (IIP) growth moderated to 6.7% in September from 8% in August, with manufacturing and electricity and gas supply among the key contributors. The government approved a 3-percentage-point hike in Dearness Allowance for central government employees and Dearness Relief for pensioners, effective July 1, 2026, to offset the impact of inflation. The increase is expected to cost the government rupees 10,016.10 crore annually and may provide a modest boost to household disposable income and consumption spending. The government approved the rupees 10,000 crore Container Manufacturing Promotion Scheme through FY 2039-40 to boost domestic container manufacturing, reduce import dependence and strengthen logistics supply chains. It also approved the Pradhan Mantri Viksit Gram Swaraj Yojana for five years, with a total outlay of rupees 7,395.55 crore, including rupees 4,869.48 crore from the Centre, to strengthen grassroots governance and improve local development planning across Panchayats.
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