Weekly market update, July 14, 2023

India’s benchmark stock indices ended the week at fresh record highs, led by gains in information technology, media, metals, and realty stocks. Positive global cues, amid expectations that the US Federal Reserve may pause rate hikes after July, also gave a fillip to domestic market sentiment. Sustained foreign capital inflow and the weakness of the US dollar also kept the market high. The S&P BSE Sensex closed 1.19%, higher at 66,060, while the NSE Nifty 50 gained 1.20%, to end at 19,564. The broader market indices outperformed their larger peers, with the S&P BSE MidCap gaining 1.36% and the S&P BSE SmallCap rising 1.73%. Sectorally, the Nifty PSU Bank and the Nifty Bank declined in trade, whereas the Nifty IT and the Nifty Media were the top gainers.

The coming week awaits the stock market with investors eyeing a host of triggers including the first quarter results of current fiscal (Q1FY24), macroeconomic data, and global cues especially US Fed rate guidance, softer dollar, along with crude oil prices.

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