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

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Domestic equities surged to fresh all-time highs on the back of a continued rally in IT stocks and better-than-expected inflation data. Nifty opened a gap up and crossed its key milestone of the 22,000 zone. The index closed with handsome gains of 203 points (+0.9%) at 22097 levels. All sectors ended in green, barring metals. IT sector continued its northbound movement and rallied 6.5% in the last two trading sessions amid better-than-expected Q3 results by heavyweights and underperformance in the past. Q3 earning season had a positive start and is further expected to be propelled by the BFSI segment, where lot many heavyweights are likely to post their results this week. This will support the overall ongoing market momentum and stock-specific action.

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