Weekly market update, May 05, 2023

Indian equity indices ended the week on a mixed note on the back of sharp selling in banking and financial stocks after the MSCI plan for HDFC and HDFC Bank fueled fears of funds outflow in the merged entity.

The Sensex logged weekly losses of 0.10%, whereas the Nifty advanced 0.02%. Among the broader market indices, the S&P BSE Midcap and S&P Smallcap ended higher by 1.41% and 1.27%, respectively. On the sectoral front, Nifty Auto and Nifty FMCG led the pack, while Nifty Bank, Nifty Media, and Nifty PSU Bank were the worst performers of the week.

In the week ahead, macroeconomic data coupled with foreign funds flow, major Q4 earnings, and global trends will dictate markets trend. The performance of key segments like auto, FMCG, energy, IT, and banks will be keenly watched.

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