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Below Quote on Market 26 October 2023 By Mr. Siddhartha Khemka, Motilal Oswal Financial Services Ltd

Domestic equity continued with its profit booking for the 6^th consecutive day with Nifty slipping below 19k mark and closing near days’ low at 18857 levels (-1.4%). While Nifty tanked 257 points to 4 month low, Sensex plunged 900 points to settle at 63148 levels. All the sectors were down 1-2%. Tensions in Middle East, coupled with sticky US Treasury yields at around 5%, triggered risk-off sentiment. Further mixed Q2 results, continued FIIs selling, rising oil price and near record high USDINR to above 83, have also dented the investor sentiments. Given the global uncertainties, there could be higher volatility in the near term and thus giving long term investors an opportunity to accumulate quality stocks at lower levels. We suggest to make higher allocation towards large caps as valuations are comfortable along with steady growth prospects.

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