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Daily market commentary 23 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Negative global cues and FIIs turning heavy sellers, impacted investor’s sentiments on the last day of the week. US Fed’s aggressive stance has increased recessionary fears on global front and created nervousness on domestic markets as well. Nifty was showing signs of weakness from its opening and broke its crucial support of 17,400 levels. India VIX rose sharply by 9.2% to 20.5 levels, indicating that volatility may remain high going forward. India would continue to take cues from global front as well as upcoming RBI meeting which is also expected to hike interest rates in line with US Federal Reserve. Nifty opened gap down and witnessed another day of intense selling to close near day’s low. All sectorial indices, including broader market under performed with Realty, PSU Bank down by more than 3%

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