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Daily market commentary 10 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic indices extended losses for second consecutive day in line with sell off in global markets triggered by 60% fall in US based Silicon Valley Banks. Nifty opened with deep cuts and remained in negative territory to close with loss of 177 points (-1%) at 17413 levels. All sectors ended in red with major selling seen in banking stocks. Fall in the select US banks added to the overall Global uncertainty regarding the quantum of the next Fed rate hike. US jobs data that would be released late on Friday will also be crucial for upcoming Fed’s meeting as it could also influence the Fed rate decision. Expect the volatility to continue next week as well. On the domestic front, Feb inflation data would be released while on the global front, ECB meeting would be key event to watch out for.

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