01-01-1970 12:00 AM | Source: Motilal Oswal Financial Services Ltd
Daily Market Commentary : Expect elevated volatility until clarity emerges on the potential extend of the crisis Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 13 March 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic indices witnessed renewed selling pressure on account of issues within the US banking space. Nifty opened positive but soon came under intense selling pressure to close with loss of 257 points (-1.5) at 17156 levels. All sectors ended in red with Banking and Auto facing the major burnt, down 2% each. India Vix jumped sharply by 19% to 16 levels, indicating heightened volatility. Emerging uncertainty around several mid and small size (Silvergate bank, Sillicon Valley Bank, Signature bank and First Republic Bank) have created nervousness among global investors about the health of the US banking sector. Expect elevated volatility until clarity emerges on the potential extend of the crisis. The US Fed’s emergency meeting to control the damage would be crucial for the markets. Apart from this release of India and US inflation data along with ECB meeting during the week would be keenly watch.

 

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