Below Quote Daily Market Analysis 3 October 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd

Markets started the week on a feeble note and lost over a percent, tracking weak global cues.  After the flat start, the Nifty gradually inched lower as the session progressed and settled around the day’s low to close at 16,887 levels. The selling pressure was widespread and all the sectoral indices, barring pharma, ended lower wherein the metal and PSU banking were among the top losers.  Meanwhile, the broader indices traded mixed and settled with a cut of 0.5-1.3 %.

The pressure in the global indices, especially the US, is weighing on the sentiment and we feel the scenario would continue in absence of any major domestic trigger. A decisive breakdown below 16800 in Nifty could intensify the selling.  Participants should stay light and prefer defensive viz. pharma and FMCG over others for long trades. 

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