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Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd

Indian equity benchmarks witnessed decline with Nifty losing 162 points (0.7%) to close at 23,527. The sell-off was primarily due to cautiousness ahead of Q3 earnings announcements and mixed signals from global markets. Continuous selling by FIIs is adding to the negative sentiment. IT stocks will be in focus tomorrow as TCS announces its quarterly results today. Shares of fluorochemical companies including SRF and Navin Fluorine gained, following reports of a hike in prices of refrigerant gases in the US. The Indian rupee opened at a new low due to strong dollar demand but pared some of the losses on likely intervention by the RBI. The currency was hit due to rise in yield on the US treasury notes. The 10-year US treasury yield hit a peak of 4.73% the previous day, its highest since April 2024. Outflows from the Indian equities have also weighed on the local currency. The US markets are closed on account of National Day Holiday, however investors await US Fed meeting minutes to be released today for insights into future policy direction. Key data releases tomorrow includes India’s Industrial Production for November and US unemployment rate for December amongst others. We expect markets to consolidate in a range with stock specific action on the back of Q3 result announcements.    

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