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Daily market commentary 29 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Deteriorated global economic environment has led to sharp surge in bond yields and dollar index which has instilled fears of recession. Given this backdrop, market is expecting RBI in its policy meeting outcome to raise interest rate by 50bps.  Investors would also on Friday react to GDP and Initial jobless claim data due later today in the eveningMr. Siddhartha Khemka

Nifty opened positive but could not sustain at higher levels and gave up its initial gains to close with loss of 43 points at 16818 levels. With key events lined up, and global uncertainties, we expect increased volatility. Nifty has been unable to sustain above 17,000 levels and could witness pressure towards 16600-16650 zones over the next few days.

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