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Below the Quote on Daily market commentary by Mr. Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd

Nifty opened the gap down and remained in negative territory for the third consecutive day. The index closed with a loss of 125 points at 22148 levels. Majority of the sector ended in the red. Buying was seen in Oil & Gas, Pharma & FMCG. Escalating tension in the Middle East has turned sentiments sour leading to a rise in crude oil prices. A mixed set of economic data from China further dampened the sentiments. Although better-than-expected China’s GDP number at 5.3% came in as a surprise, poor March activity data offset any positivity. Thus, Global markets continue to remain weak. Back, home Indian equities will remain shut on Wednesday on the occasion of Ram Navami. Weak global cues and ?11295crore selling by FIIs in the last two days hurt domestic markets. In the near term, we expect the market to remain volatile until the Iran-Israel tension eases. US Chair Powell’s speech late today will hold importance with the ongoing uncertain environment.

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