Weekly market update, Aug 04, 2023

The India’s benchmark indices, Sensex and Nifty fell 0.66 per cent each while the BSE Midcap index ended flat. The BSE Smallcap index clocked a gain of 1.51 per cent. Domestic markets witnessed sharp fall mirroring the weak cues from the global markets. Global financial markets witnessed widespread risk aversion due to surprise downgrade of US credit ratings. Further, rise of U.S. treasury yields coupled with stronger dollar also contributed to the downside. However, on Friday, Aug 04, Stock indices recovered from the impact of weak global cues, which came in on the back of a rating upgrade by Morgan Stanley as India remains a bright spot in an otherwise tepid world economy. On a sectoral basis, Nifty IT and Pharma, while Nifty Realty, PSU Bank, and FMCG declined.

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 upcoming Monetary Policy Committee (MPC) meeting by the Reserve Bank of India.

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