Daily Market Commentary : Domestic equities witnessed selling pressure for third consecutive day amid weak global cues says Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd
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Daily market commentary 20 October 2023 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
Domestic equities witnessed selling pressure for third consecutive day amid weak global cues. Nifty opened lower and remained negative throughout the session to close with loss of 82 points at 19543 levels. Selling continued in broader market with Nifty mid /small cap 100 indices down -1%/-0.8%. Except Private Bank, all sectors ended in red. We expect earning season to pick up pace in a truncated week which would direct the market trend along with global cues. On global front, ECB would announce interest rate decision next week. Banking sector will be in focus on Monday as investors would react to Q2 results of ICICI and Kotak Bank that would be announced over the weekend. Among the key results to be announced next week would be from Axis Bank, TechM, Maruti, Bajaj Finserv, SBI Life and Dr Reddy.
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