Quote on Daily Market Commentary for October 16th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Below the Quote on Daily Market Commentary for October 16th 2026 by Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd
Nifty 50 is expected to consolidate with a gradual recovery, although intermittent volatility may persist in broader markets. Brent crude remained around USD 105/bbl, keeping geopolitical and inflation risks in focus. Stock-specific action is likely to intensify as the 2QFY27 earnings season gathers pace, with HDFC Bank, ICICI Bank and Axis Bank scheduled to report results on Saturday. Key monitorables include crude prices, Foreign Institutional Investor flows, the rupee and quarterly earnings. The Nifty 50 gained 0.7% on Friday, extending the previous session’s rally despite a muted opening. Midcap and smallcap indices remained broadly flat. The recovery was supported by buying in IT stocks amid a rotation towards Indian technology companies following the global sell-off in AI-linked stocks. Nifty IT advanced 3.9%, extending its gains for a fourth consecutive session, led by Tech Mahindra, which rose around 7% after reporting better-than-expected second-quarter numbers. Nifty Metal rose 1%, supported by the broader market recovery and firm base-metal prices. In contrast, Nifty FMCG declined 0.4%, amid concerns over input costs, inflationary pressures and weak consumption demand. Gold imports plunged 81.27% YoY to USD 1.8 billion in September, while silver imports declined 49.11% to around USD 665 million. The fall followed the increase in precious-metal import duties from 6% to 15% in May, elevated prices and the government’s appeal to defer non-essential gold purchases amid the West Asia crisis. Jio Platforms’ final RHP was filed with SEBI on October 15. The IPO is scheduled to open for subscription on October 21 and close on October 23, with a proposed fresh issue of up to 27 crore shares and an expected issue size of approximately rupees 30,000 crore, potentially making it India’s largest IPO.
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