Weekly market update, Feb 24, 2023

India equity market indices recorded its worst weekly drop in eight months with feeble global cues dominating the sentiment. Worries of more rate hikes have heightened as inflation is still higher than central banks like RBI and US Fed’s tolerance limit. In the week that ended on February 24th, The Sensex and Nifty 50 were down by 2.52% and 2.67%, respectively. Among the broader market indices, The BSE Midcap and Smallcap indices were down by 2.05% and 1.65%, respectively. Most sectoral indices traded in sync with the benchmark and ended lower wherein continuous pressure in the banking and financials combined with a fresh decline in metal and realty counters was largely weighing on the sentiment.

According market experts, In the coming week, Key economic data, especially India’s GDP data along with global market performance will continue to have a large chunk in Indian markets sentiment. But also auto stocks will be in focus as the companies in this sector will present their January month sales figures. Besides, S&P Global PMI Manufacturing and Services PMI data will be unveiled on March 1 and March 3 respectively.

Please click here to read the detailed report: https://privetwealth.com/wp-content/uploads/2019/09/Weekly-Market-Update-24.02.2023.pdf