Weekly market update, Feb 03, 2023

India’s benchmark indices rose in an extremely volatility week ended February 3 amid domestic as well as global events, including India’s Union Budget 2023, turbulence by Adani saga, mixed earnings from India Inc, inline interest rate hike by Federal Reserve, European Central Bank (ECB) and the Bank of England (BoE). A fall in global crude oil prices also aided market sentiment. For the week, the BSE Sensex rose 2.55% to close at 60,841 and Nifty 50 rose 1.42% to end at 17,854 levels. On the BSE sectoral front, S&P BSE Power fell the most by 10.54% followed by S&P BSE Oil & Gas which fell 9.48%. Selling pressure intensified amid concerns over corporate mis governance by a major domestic business conglomerate. S&P BSE Consumer Durables rose the most by 4.09% after the government in the Union Budget announced income tax sops and increased its allocation towards infrastructure spending. IT stocks also benefitted after the government in the Union Budget laid emphasis on AI, robotics and IoT.

Analysts expect that volatility to remain high in this week as we have important events and data lined up. Equity market’s focus will shift to the RBI interest rate decision scheduled this week, with investors also tracking the ongoing third quarter earnings, global trends and foreign fund trading activity for further cues. Brent crude oil prices and rupee-dollar movement would also drive the trends in the market.

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