Daily Market Commentary : Domestic equities had a weak start in line with its global peers Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 18 August 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities had a weak start in line with its global peers. Nifty remained in negative territory throughout the session and closed with a loss of 83 points (-0.4%) at 19282 levels. Among sectors, PSU Bank, Metals, and FMCG ended in the green. Global markets extended their losses as concerns over higher interest rates and slowing China’s economy weighed on investors. Even domestically, markets have been consolidating in the absence of any positive trigger and consistent selling by FIIs. With Fed Chair Powell's speech and more macro data lined up globally next week, we expect domestic as well as global markets to remain under pressure. Also, RBI would release its meeting minutes on Thursday. However, action is likely to continue in the broader market along with sectorial rotation. Index heavyweight Reliance would be in focus as Jio financial services is set to be listed on Monday.
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