Weekly market update, June 30, 2023

The Indian equity markets logged this week their highest gains in over 11 months since the July 22, 2022. The S&P BSE Sensex rose 2.76%, and the NSE Nifty 50 gained 2.80%. The market’s upward momentum was supported by the positive economic surprises in the global market, progress of the southwest monsoon, strong inflows from FIIs, the merger update of HDFC, and a narrowing current account deficit.

The Stable economic growth, receding concerns about inflation and anticipation of the interest rate cycle peaking out are among few other reasons for the rally. The broader market indices too ended higher, with the S&P BSE MidCap gaining 2.85% and the S&P BSE SmallCap rising 1.91%. All sectors advanced in trade this week, led by Nifty Pharma, Nifty Auto, and Nifty IT.

In the trading week from July 3rd to 7th, Indian markets will be dictated by banking stocks after the HDFC twins merger, foreign funds flow coupled with global trends like the US Fed meet minutes, US market amidst employment data, political instability in Russia, and Chinese economic woes. Further, auto and metal stocks will be in focus over monthly sales figures. Apart from this, active IPOs and a huge pile of stocks which are set to trade ex-dividend will have impact on the market.

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