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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 witnessed sharp correction, closing with a loss of 332 points at 24,320 (-1.35%) amid selling pressure in bluechip stocks like HDFC Bank, Reliance, Bharti Airtel amongst others. Broader markets also showed weakness with Midcap and Smallcap indices ending lower by 0.6-0.7% each. The decline came amid weak FII volumes and heightened caution ahead of the U.S. Federal Reserve's monetary policy meeting, which is expected to provide cues on the trajectory of interest rate cuts going ahead. Investors will watch out for US retail sales data to be released later today. Despite the market volatility, there is continued action in the primary markets with eight new IPOs opening for subscription this week and three IPOs including One Mobikwik, Vishal Mega Mart and Sai Lifesciences listing on the stock exchanges tomorrow.

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