Weekly market update, June 02, 2023

The India benchmark indices advanced marginally this week with Sensex gaining of 0.07%, whereas Nifty advanced 0.19%. This week the Indian market was volatile, however, it was able to regain the momentum led by a positive domestic outlook accompanied by global cues. Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector. The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market. The broader markets outperformed the benchmark indices significantly this week; the S&P BSE MidCap Index was up 1.83%, whereas S&P BSE SmallCap Index was higher by 2.40%. On the sectoral front, Nifty Realty Index and Nifty Media Index led the pack this week, while Nifty IT Index and Nifty Bank Index was the worst performers of the week.

The coming week June 5-9 is going to be an eventful one as we have RBI MPC’s monetary policy meet outcome scheduled on June 8. Before that, on the macroeconomic front, the OPEC+ meeting on June 4 and S&P Global Services PMI on June 5 will also be on participants’ radar for cues.

Please click here to read the detailed report: https://lnkd.in/gkuerNgH