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Below is the Daily Market Commentary 18 May 2022 2022 By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equity witness high volatility amid mixed global cues. Nifty opened positive but moved between gains and losses throughout the day. The index ended the session with minor loss of 19 points at 16,240 levels. Broader market too ended in red with loss of ~0.3%. Among sectors, except FMCG and Pharma, all other indices ended with negative bias. Realty and PSU bank were top laggards down more than 1%.
Global markets were mixed as rebound in stocks fizzled out after investors turned cautious over the hawkish comments from U.S. Federal Reserve. Also weak economic data globally raised concerns about the economic growth outlook.
Markets struggled to maintain its positive momentum as increase in volatility and absence of follow up buying at higher level led benchmark to close in negative territory. However Nifty was able to hold above key levels of 16,200 zone. We expect market to consolidate for some more session until FIIs selling reduces and India VIX cool downs below 20 levels.

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