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

Nifty closed sharply lower at 23,914, down 1.49%, weighed by monthly F&O expiry and weak global cues. Escalation in the Russia-Ukraine conflict and uncertainties over the US interest rate trajectory post mixed economic data releases dented sentiment. Nifty IT index fell over 2% amid selling pressure in tech-heavyweight stocks. However, broader markets displayed resilience, with the Nifty Midcap100 and Smallcap100 indices ending in positive territory. US PCE data released yesterday came in below expectations, while GDP growth of 2.8% met forecasts, adding to concerns of a slower pace of Federal Reserve rate cuts. Investors remain cautious ahead of key data releases tomorrow, including India’s Q2 GDP numbers, China’s manufacturing PMI, and Eurozone CPI. Optimism could return if geopolitical concerns ease, though consolidation within a broader range is likely to continue.

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