Weekly market update, April 21, 2023

India equity benchmark indices S&P BSE Sensex and Nifty 50 snapped three week winning streak and fell more than 1%. Market sentiments dampened followed by the lower-than-expected earnings and a dismal revenue outlook by one of the index heavy weights. Uncertainty over the interest rate outlook by the U.S. Federal Reserve and concerns for a potential recession in the U.S. later this year also contributed to the downside. The broader market mid cap segment and the small cap segment closed the week in green. On the BSE sectoral front, S&P BSE IT fell the most by 5.51% followed by S&P BSE Teck which fell 5.25%. However, S&P BSE Oil & Gas rose the most by 1.27% followed by S&P BSE FMCG which rose 1.10%.

Meanwhile, The wholesale price index (WPI)-based inflation rate in India decreased to 1.34% in Mar 2023 from 3.85% in Feb 2023 and 4.80% in Jan 2023. The rate of inflation based on WPI Food Index slowed from 2.32% in Mar to 2.76% in Feb. The decline came as input prices continued to moderate; According to statistics from the Commerce Ministry.

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