Weekly market update, Aug 25, 2023

The India’s benchmark indices declined for the fifth straight week, The S&P BSE Sensex slipped by 0.10 per cent while the Nifty 50 declined by 0.23 per cent. On the other hand, the BSE Midcap index rose 1.49 per cent while the Smallcap index jumped 2.19 per cent for the week. The market was influenced by a combination of factors including escalating the US bond yields, concerns stemming from China, near-term risks to inflation due to a recent spike in food prices, liquidity overhang in the banking system, Jackson Hole symposium in search of indications about the future direction of interest rates and the downward pressure exerted by heavyweights such as Reliance Industries and HDFC Bank. On sectoral front, Nifty IT and Bank gained the most this week, whereas Pharma, Energy and Auto sectors dropped.

Going forward, Investors will eye a host of stock market triggers in the coming week including the much-awaited annual general meeting (AGM) of Reliance Industries, macroeconomic data, global cues, and more. India is set to reveal the gross domestic product (GDP) data of the April-June quarter (Q1) of current fiscal 2023-24 on Thursday, August 31. Concurrently, the manufacturing Purchasing Managers’ Index (PMI) data, as well as the fiscal deficit and infrastructure sector output, both for the month of July, will also be disclosed in the coming week.

Please click here to read the detailed report: https://privetwealth.com/wp-content/uploads/2019/09/Weekly-Market-Update-25.08.2023.pdf