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Below the Daily Market Commentary On 31th October 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities fell after two days of gains on the back of weak Chinese manufacturing data and cautiousness ahead of US Fed meeting. Nifty opened higher but soon reversed and closed with loss of 61 points at 19080 levels. Sectorially it was mixed bag with buying seen in Realty and Consumer Durables. For Oct’23, Nifty declined by -2.8% impacted by Israel-Hamas conflict, rising crude oil prices and spike in US bond yields. Going forward, US Fed policy outcome which is due on Wednesday would provide cues to the market. Investors would also watch out for economic data including Europe core CPI, US Consumer confidence, India, US and UK PMI, and US nonfarm employment that will be released Wednesday. Auto sector will be in focus as OEMs are expected to report healthy volume growth for month October as management commentary suggest strong sales during the Navratri festival. On stock specific front, Sun Pharma, Tata Steel, Britannia, Heromotcorp, Godrej Consumer and Ambuja Cement will be in focus as these companies will announce their Q2 earnings.

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