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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 under pressure throughout the session to close with the loss of 238 points (-1%) at 21817 levels. After consolidating in a narrow range for the last few days, Nifty has fallen below its key support levels, indicating that weakness could continue over the next few days. Selling pressure was seen across the market including mid and small caps. Defensive names witnessed profit booking with IT, FMCG, and Pharma being the top laggards. Investors remained on edge as key central Banks globally are scheduled for a meeting starting with BOJ. Bank of Japan has hiked its interest rate for the first time in 17 years, ending its negative rate policy. We expect the market to remain in consolidation mode as cautiousness persists with the commencement US Fed meeting today. While the US Fed is likely to maintain its stance and keep the rate unchanged, its commentary will hold importance as it would provide insights into the Central bank’s future rate action.

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