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Below is the Daily Market Commentary 10 May 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Indian equities swung between gains and losses amid high volatility throughout the day. Nifty finally ended day with loss of 62 points (-0.4%) at 16,240 levels. Selling pressure intensified in the broader market with Nifty Midcap 100 down -1.9% while Nifty Smallcap 100 was down -2.2%. Among sectors, except for Private Banks and Financial Services, all other indices ended in negative territory with Metals down more than 5%.

Global markets were mixed despite gaining half of its previous day losses on back of some positive corporate earnings and buying seen at lower levels. However, combination of rising interest rates and lower economic growth kept investors on edge.

Markets are witnessing volatile swings as various factors like rising interest rates, concerns over slower economic growth and further tightening measure in China continued to weigh on investors. Nifty has corrected sharply by 6.5% in the last 7 trading sessions. While the secondary market is struggling with volatility, we are witnessing lot of action in the primary market. LIC IPO was oversubscribed 2.95x despite being one of the largest fund raise ever in India. Also we saw strong listing of Campus Activewear on Monday. Three more IPO are lined up this week with Prudent Corporate Advisory Services ipo opened on 10^th while Delhivery and Venus Pipes and Tubes opening on 11^th May.

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