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Below the Daily Market Commentary On 18 January 2024 by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty continued its downward trend amid selling pressure in HDFC Bank and weak global cues. The index closed with a loss of 110 points at 21462 levels. Sector-wise it was a mixed bag with buying seen in Pharma, Oil & Gas, Realty, and PSU Bank. Strong retail sales data in the U.S., along with hawkish comments by US Fed speakers spooked investors globally. We expect the market to consolidate in a range with limited upside amid a global uncertain environment. Tomorrow Nifty heavyweights like Reliance, HUL, and Ultratech will announce their results which could drive the index on either side.

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