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Daily market commentary 18 November 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities witnessed selling pressure amid mixed global cues. Nifty opened positive but soon drifted into red and remained under pressure throughout the day. It recovered in the last hour and closed with loss of just 36 points at 18308 levels. Except PSU Bank, all sectors were in Red, though some fresh buying was seen in IT and financials towards the fag end.

Hawkish commentary from Fed official over continuation of aggressive stance in subsequent meets dented the global sentiments. Next week FOMC meeting minutes are due which would provide further cues to the market. This week though Nifty shied away from its all-time high, it is hoped that next week, Nifty would scale to those levels. Volatility index too is at 1 year low and at comfortable levels which is supporting the positive sentiments.

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