Daily Market Commentary : We expect markets to remain sideways with the Fed commentary determining the near term direction Says Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary by Mr. Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty fell for the third consecutive session, losing 137 points to close at 24,199 (-0.6%) amid selling pressure ahead of US Fed’s Interest rate decision later on Wednesday. Over these three sessions, Nifty dropped by 2.3%. Broader markets also ended lower with Midcap and Smallcap indices falling by 0.6-0.9% each. Amongst sectors, Pharma, Healthcare and IT managed to close in the green. The Indian rupee which is under pressure since the last few months, sank to a new low of 84.94 against the dollar. FII selling intensified on Tuesday as they offloaded equities worth Rs6,400 crores, inducing cautiousness in Indian markets. Investors will also watch out for Interest rate decision of Japan and England as well as US Q3 GDP data to be released tomorrow. We expect markets to remain sideways with the Fed commentary determining the near term direction.
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