Weekly market update, Feb 17, 2023

India’s benchmark indices, BSE Sensex and Nifty 50 closed the week higher by 0.53% and 0.49%, respectively. Dominated by the release of key macroeconomic numbers and persistent FII buying, domestic markets witnessed a positive trend during the week. However, the unfavourable combination of higher-than-expected inflation and a stronger job market in the US market dragged markets lower towards the end of the week, raising concerns about tighter monetary policy. Among the broader market indices, The BSE Midcap and Smallcap indices were down by 0.83% and 0.77%, respectively. The BSE sectoral indices ended the week on mixed note.

According to market analysts, With the third quarter earnings calendar coming to an end and no major domestic trigger in sight, equity investors will focus on global trends and foreign fund movement in the coming week. Markets may face volatile trends amid derivatives expiry during the week. FPIs turned net buyers last week with an investment of over Rs 7,600 crore against net outflows of Rs 3,920 crore in the preceding week (from Feb. 7-12). Brent crude oil movement and the trend in the rupee would also be in focus this week.

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