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Daily market commentary 10 August 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities got spooked post the hawkish commentary from RBI. Though RBI kept its Repo rate status quo unchanged at 6.5%, it revised the inflation estimates for FY24 upwards to 5.4% and imposed an incremental CRR of 10% in near term. Nifty thus opened lower cautiously awaiting the outcome and witnessed sell-off post the RBI statement. It finally closed with a loss of 89 points (-0.5%) at 19543 levels. Even broader market ended in losses with majority of the sectors in red. Media was the biggest gainer post positive NCLT verdict received by Zee for its merger with Sony. Apart from Media, Metals and Oil & Gas managed to close in green. Markets will now take cues from US inflation data which will be released late Thursday as the data would further provide insights into Fed’s future policy decision.  

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