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Daily market commentary 15 December 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities stumbled in line with global peers after US Fed signaled more rate hikes in future. Also, below expected China’s IIP and retail sales data for month of November weighed on sentiment. Nifty opened lower and witnessed selling pressure throughout the day that dragged indices below 18500 zone. The index finally close with loss of 245 points (-1.3%) at 18,415. All sectors ended in red with major hit taken by IT which was down 2%. Today two more central banks – ECB and BoE would announce their monetary policy decision. On the domestic front, investors sentiments were dampened after Hawkish Fed commentary signaling higher interest rates for a longer duration. We expect equity markets to remain sideways in a narrow range given weak global sentiments and upcoming holiday season.

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