Weekly market update, June 23, 2023

The India’s benchmark indices snapped four weeks of gains this week as S&P BSE Sensex declined 0.64% and NSE Nifty 50 was lower by 0.85% amid negative global cues. The broader market indices underperformed the larger peers; the S&P BSE MidCap Index was down 1.25%, whereas S&P BSE SmallCap Index was 0.93% lower. All the 19 sectors compiled by BSE declined with S&P BSE Commodities and S&P BSE Oil & Gas falling the most.

A flurry of data points would sway the direction of the markets in the coming week, where investors would closely eye the first quarter domestic current account data. It will provide insight into India’s trade deficit and the current account balance. A wider trade deficit could weigh on the rupee and the benchmark indices. Besides, we have the final reading of the first quarter US GDP data and the PCE price index for May 23 along with the Fed Chair’s speech that could throw more light on the central bank’s monetary tightening path. The movement of dollar index, FII and DII flows, and Oil prices are the other key factors to influence the market.

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