Weekly market update, June 16, 2023

India’s benchmark stock indices closed the week at a record high after advancing for the fourth consecutive week in a row. The Sensex logged weekly gains of 1.21%, whereas the Nifty advanced 1.41%. The stock market rally was driven by strong cues from the global markets, as well as by several domestic factors, including falling inflation and healthy economic data along with strong FII flows, a growing risk appetite, and the FTSE Index rebalancing. The broader market indices outperformed the larger peers; the S&P BSE MidCap was up 2.95%, whereas S&P BSE SmallCap was higher by 2.87%. All the sectors advanced in trade this week except Nifty Bank.

Global stock markets too recorded best week in more than two months, buoyed by bets on Chinese stimulus and the exuberance surrounding artificial intelligence firms. The MSCI World Index has climbed 2.9% this week, the most since the end of March. The coming week, Analysts expect that the performance of US markets, oil prices, FII and DII flows, update on progress of monsoon will play a key role in direction for the domestic stock markets.

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