Weekly market update, Sep 30, 2022

This is the third consecutive weekly decline for the Sensex and Nifty, and continued to remain under pressure as weak global cues continued to weigh on the market sentiment. With no respite on the global front and a resumption of selling from foreign institutional investors, market participants remained wary due to global macroeconomic uncertainty and rising interest rates across the globe. There were worries that aggressive monetary policy tightening by key central banks across the globe may result in interest rates remaining at elevated levels for an extended period. Among the broader indices, the BSE Midcap and Smallcap closed lower by 1.65% and 1.25%, respectively. On the sectoral front, The Nifty Pharma and Nifty IT index were gainers while metal, auto and realty indices declined the most.

The stock market indices snapped a seven-day losing streak on Friday and gained the most in a month after the overall sentiment lifted by the RBI’s repo rate hike which was on expected lines and confidence in the economy’s growth momentum. Analysts expect that with no major events expected in the following week, markets may be dominated by global news flows. US unemployment and domestic data such as manufacturing, deposits, and loan growth numbers could drive investor sentiment next week. The volatility in oil prices and the strengthening of the US Dollar compared to other currencies will be other important factors that may affect the market.

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