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Daily market commentary 17 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities continued to witness pressure amid weak global cues. Nifty opened lower and remained in negative territory throughout the session to close with a loss of 100 (-0.5%) at 19365 levels. However, action shifted to the broader market with the Nifty midcap 100 up 0.2% while the Nifty smallcap 100 up 0.1%. Except for PSU Banks and Consumer Durables, all sectors ended in red. Indian equities succumbed to global volatility following the hawkish tone of the FOMC minutes meeting and worries over the risk of a downgrade in China’s sovereign credit rating by Fitch. Adding to the negative sentiment, the rupee depreciated to near a 10-month low at 83.14 and the FIIs outflow of almost of ?10k crore in August so far also led to selling at higher levels. In the near term, uncertainty will likely loom in the market following the fragile global cues that could cap the upside.
 

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