Weekly market update, May 26, 2023

India equity indices advanced this week with Sensex logging weekly gains of 1.25%, whereas Nifty advanced 1.63%. This week markets settled a 2-week-long consolidation phase and encouraged by normal monsoon projections that can propel domestic growth expectations further. Also, both foreign institutional investors and domestic institutional investors were buyers throughout the week. FIIs bought ₹3,230 crore worth of equities, while DIIs surpass foreign investors with an inflow of ₹3,482 crore. The broader markets indices ended higher; the S&P BSE MidCap Index was up 2.49%, whereas S&P BSE SmallCap Index was higher by 1.39%. All sectors advanced in trade this week with Nifty Metal, Nifty Pharma and Nifty Media gaining the most.

The coming week will see the onset of a new month with investors eyeing a host of factors such as upcoming GDP data, manufacturing and services PMI data, auto sales, metal companies production data, and global trends especially the US markets performance amidst ongoing debt ceiling negotiations.

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