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Below the Daily Market Commentary By Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty opened lower and continued its slide for the 5^th trading session before recovering a little towards the fag end of the trade. Despite buying interest in banking stocks, Nifty closed with loss of 216 points (-0.95%) at 22488 levels. The fall was sharper in case of broader market with midcap100/smallcap100 down 1.3%/1.6%. Except Banking, all other sectors lost more than 1% with metals and IT being the biggest loser. Bank Nifty surged nearly half a percent led by heavyweights banks like ICICI Bank, HDFC Bank and Kotak Banks post outlook upgrade by S&P on six Indian banks to positive. Nervousness ahead of exit poll on 1^st June and weak global cues continue to dent sentiments. Global markets remained under pressure due to rising bond yields and denting hopes of rate cut. We expect market volatility to heighten as we approach the general election outcome.

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