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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 declined for the third consecutive day amid global volatility. The index closed with a loss of 293 points (+1.2%) at 24852 levels. Volatility Index India VIX saw some spurt, indicating cautiousness in the market. All sectors ended in red with PSU Bank & Oil & Gas down the most. Domestic Equities experienced one of its most significant single-day declines in the past month, driven by concerns over a potential slowdown in the U.S. labor market. The drop was spurred by disappointing job openings data in the U.S. dampened market sentiment globally. Investors turned cautious ahead of the US Nonfarm Payroll and Unemployment Rate data to be released late today, which will offer insights into the magnitude of the rate cut in the upcoming US FOMC meeting. We expect consolidation mode to continue in the market over the near term. However, with the start of the festive season sectors like consumer discretionary, retail, hotel, and jewellery would remain in focus.

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