Daily Market Commentary : Markets will react to the Feds interest rate hike decision while the 75bps Says Mr. Siddhartha Khemka, Motilal Oswal
Daily market commentary 21 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic market consolidated ahead of FOMC outcome expected late on Wednesday. Markets will react to the Fed’s interest rate hike decision while the 75bps have been factored in, an aggressive commentary or sharper rate hike of 100bps could lead to higher volatility and pressure on the market. An inline rate hike can bring relief to the market. Stock specific action was seen in sectors like defence, FMCG, capital goods and Healthcare.
Indian equities witnessed volatility amid weak global cues. Nifty opened with minor cuts and remained under pressure throughout the day to close with loss of 98 points at 17, 719 levels. India VIX was up by 3.4% at 19.4 levels. Except for FMCG, all other sectors ended in red.
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