Weekly market update, Jan 13, 2023

Indian equity indices went up during the week, The S&P BSE Sensex and NSE Nifty 50 closed with gains of 0.60% and 0.54%, respectively. Softening inflation in the US and in India boosted the stock markets. While retail inflation fell to a one-year low of 5.72% in December in India, industrial production was better than expected. That apart, with US inflation numbers falling in line with analyst expectations, the dollar index and 10 year bond yields have also softened. The gains were broad based as the mid cap segment, small cap segment and most of the sectoral indices also closed the week in green. On the BSE Sectoral front, S&P BSE Metal rose the most by 3.73% followed by S&P BSE IT which rose 3.37%. Metal stocks rose on hopes that the economic reopening in China will potentially led to a pricing as well as demand recovery for the metals sector.

In the week ahead, Indian markets are expected to focus on banking, financials, and other key earnings for Q3FY23 alongside macro trends. Apart from Q3FY23 earnings, global cues will largely dictate the trend. On the macroeconomic front, we have WPI Inflation data scheduled on January 16.

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