Daily Market Commentary : Broader markets declined sharply with Nifty midcap 100 and smallcap 100 down 2.7% and 3.6% respectively Says Mr. Siddhartha Khemka, Motilal Oswal
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Daily market commentary 23 October 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities came under pressure amid global turmoil and witnessed broad base selling. Nifty nosedived 261 points (-1%) to close 3-month low at 19282 levels. Broader markets declined sharply with Nifty midcap 100 and smallcap 100 down 2.7% and 3.6% respectively. Among sectors, Metals, PSU Bank and Realty were top losers down 2-3% each. Fear of regional conflict in the Middle East and worries over more rate hikes by US Fed for extended period were the major cause of concern in the market. Even the earning season has been mixed so far, thus not providing resilience to the market. Markets will remain close on Tuesday on account of Dussehra festival. We expect market to remain volatile amid rise in global uncertainties while the stock specific action is likely to continue in the market amid busy results season. Investors are advised to shift focus towards large-cap where valuations are comparatively comfortable.
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