Weekly market update, Nov 18, 2022

India’s equity indices, Sensex and Nifty snaps four-week gaining streak, and fell about 0.2% each on weak global cues after strong US retail sales and comments from Fed official hinting at more rate hikes in the future. The broader indices underperformed their larger peers with the Midcap gauge declining 1.30% and the Smallcap measure losing 0.81%. On the sectoral front, S&P BSE Power, S&P BSE Consumer durables and S&P BSE Auto fell most by 3.4%, 2.4% and 1.9%, respectively. S&P BSE Metal, S&P BSE Bankex and S&P BSE IT rose 1.67%, 0.92 and 0.32% respectively.

Analysts expect that market remain range-bound amid a lack of cues, and it will look for direction ahead of monthly F&O expiry in the coming week. Apart from F&O expiry, institutional flows will be important, which have dried up in the last couple of trading sessions. On the global front, the minutes of the US FOMC meeting will lead to some volatility in global markets. The movement of the dollar index, US bond yields, and crude oil prices will remain other critical factors to watch out for market movement.

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