Domestic equities witnessed selling pressure for third consecutive day

Mauritius, Oct 20 (SocialNews.XYZ) Domestic equities witnessed selling pressure for third consecutive day amid weak global cues, says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Nifty opened lower and remained negative throughout the session to close with loss of 82 points at 19543 levels. Selling continued in broader market with Nifty mid/small cap 100 indices down -1 per cent/-0.8 per cent. Except Private Bank, all sectors ended in red, he said.

We expect earning season to pick up pace in a truncated week which would direct the market trend along with global cues. On global front, ECB would announce interest rate decision next week, he said.

Vinod Nair, Head of Research at Geojit Financial Services said the added uncertainty stemming from West Asia tensions and the imperative for continued monetary tightening emphasized by the US Fed Chair created a layer of volatility in the market.

While heightened oil prices and elevated US bond yields will impact the domestic monetary environment and operational metrics of the companies.

Furthermore, the varied results of blue-chip companies, influenced by subdued global and domestic demand, are steering the market towards a consolidation trajectory in the near term, he said.

Source: IANS