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Below the Daily Market Commentary On 17 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Domestic equities plunged - 2% amid a weak environment globally and a selloff in HDFC Bank. Nifty saw a sharp decline as selling intensified during the day and closed with a loss of 460 points (-2.1%) at 21572 levels. Barring IT, all sectors ended in red amid heightened volatility. Banking sector took the biggest hit with Nifty Bank down 4% as Q3 results of HDFC Bank showed stagnant growth for the company. After making a recent fresh high above 22k levels, Nifty saw a steep fall and turned weak in the near term impacted by negative global and domestic cues. Hawkish Fed commentary, escalating tension in the Middle East, and a spike in bond yield spike dented investor sentiment. On the domestic front, the market would look at quarterly results for stock-specific action and we expect indices to consolidate after a sharp sell-off.

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