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Daily market commentary 21 September 2022 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Domestic equities declined for the third consecutive day after the US Fed’s hawkish stance in its policy meeting. Nifty continued its downward journey to close with the loss of 159 points (-0.8%) at 19742 levels. Selling was seen across the sector including broader markets. Banking, Auto, Financial Services, and Realty were major losers today. Market fell by 2.2% in the last three days amid profit booking at higher levels. Uncertain global cues and persistent selling by FIIs are likely to keep markets under pressure in the near term. It would be better to prefer defensive sectors for some time until the market stabilizes. Investors would also take cues from the Bank of England’s interest rate decision that is due late today.

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