Weekly market update, Mar 10, 2023

India equity market indices Sensex and Nifty 50 declined more than 1%, dragged by financials and weak global cues due to concerns of a prolonged high-interest rate regime and Silicon Valley Bank (SVB) crisis. Among the broader market indices, The BSE Midcap and Smallcap indices gained by 0.09% and 0.43%, respectively. Most of the major sectoral indices declined, with high-weightage Financials, Metal and IT losing the most, while FMCG and Consumer Durables remained the only sectors to end in green with marginal gains.

According to stock market experts, Domestic equity investors are likely to keep a close watch on global cues, U.S.-based Silicon Valley Bank crisis, inflation trends and foreign fund flows in the coming week after days of volatile trading sessions. Analysts opined that investors will be waiting for the consumer price inflation data for February to be released on Monday.  Poor global cues were major contributors to the weakness in the Indian equity markets, and they will continue to be significant next week. The global markets have fallen back into the grip of uncertainty following the U.S. Federal Reserve chief’s comment that signalled the possibility of a prolonged and faster rate hike, contradicting a dovish comment made by another Fed official last week.

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