Weekly market update, Aug 18, 2023

India’s benchmark stock indices declined for the fourth straight week. The S&P BSE Sensex fell 0.57% and NSE Nifty 50 was lower by 0.61% this week mirroring weak cues from the global markets followed by the release of hawkish Federal Reserve minutes. Worries over China’s economy and rise of U.S. bond yields also weighed on the market sentiments. Additionally, profit booking by the investors also contributed to the downside. The broader market indices; the S&P BSE MidCap was down 0.54%, whereas S&P BSE SmallCap ended flat. Most sectoral indices declined this week, led by Nifty Metal, Nifty Bank and Nifty IT. Only Nifty Media, Nifty FMCG and Nifty Auto sectors rose.

Meanwhile, Analysts expect that Investors will eye a host of stock market triggers in the coming week including the foreign fund inflow, rupee movement, global stock markets, the Monetary Policy Committee (MPC) minutes by the Reserve Bank of India (RBI), as well as the much-awaited listing of Jio Financial Services shares.

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