IGI Logo

Daily market commentary 26 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities has corrected by more than 4% over last four trading session as global uncertainties dominate market sentiments. A short bounce or reversal can be seen following this intense selling. However the overall narrative of the market remains weak, especially following the cautiousness ahead of the RBI MPC due later this week. The RBI’s decision and the outlook would hold great importance post the rate hikes announced by many Central Banks globally following the US Fed aggressive outcome. Even the monthly F&O expiry this Thursday would keep the markets volatile. Fragile global factors and FII outflows would continue to keep the pressure on the market and thus 17000 level would act as a key support level, below which the weakness could intensify.

Nifty opened gap down and remained weak throughout the day to close with loss of 311 points (-1.8%) at 17,016 levels. Except for IT all sectorial indices ended in red with Metals and Realty down more than 4%. India Vix spiked by 6.3% at 21.9 levels

Above views are of the author and not of the website kindly read disclaimer