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Below the Daily market commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Nifty opened flat and traded range bound between 24100 and 24200 levels throughout the day. It closed with a loss of 51 points (-0.2%) at 24,148. The broader markets underperformed, with midcap and smallcap indices losing 1.3% and 1.7% respectively. Except Nifty IT, all sectoral indices ended flat to negative. The US Fed cut its benchmark lending rate by 25 bps to 4.5%, in-line with expectations. Fed Chair Powell said that while inflation has eased to 2.1% in September and economic growth has remained healthy, the central bank is pursuing interest rate cuts as monetary policy still remains tight. In an attempt to support economic growth, China’s National People's Congress (NPC) approved $839 billion refinancing of local government debt which would help reduce interest payments by 600 billion yuan over five years. However, this was below expectaions and falied to enthuse global markets. FIIs have been selling equities for the last 29 consecutive days amounting to Rs1.41 lakh crore denting investor sentiments. Markets are expected to remain sideways on the back of mixed global factors and subdued quarterly results. However there could be stock specific action on account the last leg of Q2 earnings to be announced next week.

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