Weekly market update, July 28, 2023

The India’s benchmark indices slipped this week, snapping four weeks of record-setting advances. The Sensex slipped 0.79 per cent while the Nifty declined 0.5 per cent. The BSE Midcap index clocked a gain of 2.07 per cent this week while the Smallcap index rose 1.18 per cent. However, domestic markets had largely witnessed resilience this week till Wednesday, July 26, even though the sentiment was subdued due to selling pressure in IT stocks. On a sectoral basis, Nifty Realty, Pharma and Media gained the most, whereas Nifty FMCG, Bank and I.T declined.

Meanwhile, Bonds around the world extended a retreat as the Bank of Japan reverted on its ultra-loose monetary policy and surprised investors by loosening its grip on yields. U.S. and European bond markets tumbled on speculation that higher yields in Japan may lead investor to repatriate cash home. On the other hand, India’s benchmark 10-year govt bond’s yield jumped as much a 7.16% on Friday.

Analysts expect that investors will eye a host of stock market triggers in the coming week including the ongoing first quarter results of current fiscal (Q1FY24), domestic and global macroeconomic data, foreign capital inflow, and key decisions from global central banks.

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