Weekly market update, Mar 03, 2023

India benchmark indices, Sensex and Nifty 50 gained 0.58% and 0.74% respectively after a strong bullish sentiment driven by upbeat domestic macroeconomic data and large foreign funds flow in some of the major Adani companies. The manufacturing PMI reported better than predicted at 55.3, while the services PMI expanded to its 12-year high of 59.4. However, India’s Q3 FY23 GDP statistics came in slightly below expectations at 4.4%. Among the broader market indices, The BSE Midcap and Smallcap indices gained by 1.72% and 0.95%, respectively. On the BSE sectoral front, S&P BSE Realty rose the most by 8.19% followed by S&P BSE PSU which rose 4.33%. S&P BSE IT and S&P BSE Teck fell the most by 2.31% and 2.14%, respectively.

Analysts expect that In the coming week between March 6th to 10th, global markets will play a key role in dictating the domestic equities, especially the performance in the Wall Street. Further, foreign institutional investors flow along with IIP data will also have a take on markets. On the global front, it is likely that worries of higher inflation will keep investors on the edge as more rate hikes for a longer duration from US Fed can be in the offing.

Please click here to read the detailed report: https://privetwealth.com/wp-content/uploads/2019/09/Weekly-Market-Update-3.03.2023.pdf