Weekly market update, Dec 23, 2022

Indian benchmark indices slumped during the week amid negative cues from the global equity markets. Data from U.S. on consumer confidence, weekly jobless claims and Q3GDP numbers surprised markets on the upside underscoring the resiliency of the U.S. economy. Upbeat U.S. economic data led to concerns that the U.S. Federal Reserve may continue to raise interest rates at an aggressive pace. Market sentiments were further dampened as China continued to grapple with soaring COVID-19 infections. Increase in global crude oil prices too contributed to the downside. A section of market participants booked profits ahead of the year-end to raise cash which added to the losses.

The S&P BSE Sensex closed lower by 2.43% at 59,845, while the NSE Nifty 50 ended 2.53% lower at 17,806. On the BSE sectoral front, all the indices closed in the red barring S&P BSE Healthcare which rose 0.82%. S&P BSE Healthcare rose as fear related to fresh wave of coronavirus cases returned. As reports of a sudden spurt in COVID-19 cases in China, surface, a meeting on the COVID-19 situation in India was being held by Union Health Ministry on Dec 21.

Analysts expect that with the lack of major global cues due to Christmas & New Year holiday, the market is expected to consolidate in the coming week, with participants focusing on Covid situation. Besides, analysts also feel that the upcoming monthly expiry, FII Flows, Macro data and Crude oil prices could add to the volatility.

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