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Below is the Daily Market Commentary 11 October 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic indices wilted under global pressure as rise in bond yield, high inflation and increasing geo-political tensions weighed on investor’s sentiments. Despite showing some strength at lower levels, Nifty has corrected more than 450 points in the last four days. On Tuesday itself Nifty closed with loss of 257 points (-1.5%) at 16984 levels. Selling was seen across the sectors with Realty, Metal and IT being top laggards. Despite strong numbers and positive commentary from TCS, IT sector did not sustain and came under pressure amid ongoing geo political uncertainty in Europe.

Indian Markets are caught in the web of global turmoil. While Domestic investors are fighting hard to come out of this web, they have been unable to do so amid high volatility with Nifty falling below its key psychological levels of 17,000. Markets may remain under pressure in the near term, as global factors continue to outweigh. Further, macro data like CPI, IIP and WPI, along with US Fed meeting minutes to be released over the next few days would be closely tracked by investors for further cues on market direction.

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