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Daily market commentary 27 June 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic Equities saw downward pressure following the global peers amid weak economic data and a downgrade in US sovereign credit rating. Nifty opened lower and witnessed profit booking throughout the session to close with a loss of 219 points (-1.1%) at 19514. India's VIX sharply rose by 10% indicating volatility in the market. The broader market too faced the burnt with Nifty midcap 100 and small cap 100 down more than 1%. All sectors ended in red with PSU Bank, Metals, and Auto being the top losers. Globally markets including Indian Equities came under pressure after Fitch Ratings downgraded the U.S. sovereign credit rating from AAA to +AA. Further, weak economic data from the United States, Eurozone, and China dampened investors' sentiments. However, strong GST collection in the month of July and a surge in domestic core output data kept the downside in check. Going ahead, markets could remain subdued given the gloomy global environment. Stock-specific action is likely to continue in the market with the ongoing result season.

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