Weekly market update, Sep 01, 2023

India’s benchmark indices snapped five weeks on fall and ended the week on positive note. The S&P BSE Sensex rose 0.77% and NSE Nifty 50 was higher by 0.88%, this week. Healthy macroeconomic prints, including the June quarter GDP numbers and August GST revenue prints, were other positive factors that underpinned the market sentiment. India’s GDP growth grew by 7.8% in the Apr-Jun’23 quarter. Also, the manufacturing PMI rose to 58.6, which further boosted market sentiment. The mid and small caps outperformed the large caps; the S&P BSE MidCap Index was up 2.33%, whereas S&P BSE SmallCap Index was also 3.78% higher. On sectoral front, Only Nifty Pharma and Nifty FMCG sectors declined this week, Nifty Realty and Nifty Metal, on the other hand, were the top gainers.

Analysts expect that in the absence of any major triggers from the domestic market, sentiments will be driven by global cues in the coming week. Investors will eye on stock market triggers including foreign fund inflow, S&P global services purchasing manager’s index (PMI) data, crude oil prices, global cues, and more.

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