Weekly market update, Oct 28, 2022

India’s stock benchmarks gained for the second week in a row, aided by gains in PSU banks, auto, energy and realty stocks, and upbeat corporate earning numbers for the quarter ended Sep 2022 from some of the prominent companies across the sectors in India. Market participants remained optimistic about the India growth story which boosted market sentiments. Expectations that the U.S. Federal Reserve may slow down the pace of rate hikes in the coming months amid worries of a slowdown in the world’s largest economy added to the gains. On the sectoral front, all the indices closed in the green barring S&P BSE FMCG and S&P BSE IT which fell 0.89% and 0.04% respectively. S&P BSE Auto rose the most by 3.91% followed by S&P BSE Oil & Gas and S&P BSE PSU which rose 3.26% and 3.25% respectively.

Analysts expect that ongoing quarterly earnings season, the Reserve Bank’s special meeting of its rate-setting committee and the US Fed interest rate decision are the major events that would dictate trends in the equity market this week. Auto sales numbers and macroeconomic data to be announced during the week would also influence trading in the equity market.

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