Weekly market update, Sep 15, 2023

Domestic equity benchmarks Sensex and Nifty advanced for the third week in row, and climbed to fresh lifetime highs as the sentiments strengthened by optimism over corporate earnings and steady net buying from domestic and global funds. Further lower CPI and wholesale inflation in India are comforting amidst the global inflationary scenario. Encouraging macroeconomic data including India’s consumer price inflation data eased and industrial production hit a five-month high in July, helped to underpin the market sentiments. The S&P BSE Sensex rose 1.86% and NSE Nifty 50 was higher by 1.88%, this week. However the broader market indices ended lower; the S&P BSE MidCap Index was down 0.51%, whereas S&P BSE SmallCap Index was also 1.14% lower, this week. On sectoral front, Nifty IT and Nifty Bank advanced the most this week, whereas Nifty Media and Nifty Realty dropped the most.

Analysts expect that the U.S. Federal Reserve’s interest rate decision, global market trends and trading activity of foreign investors are the major factors that would dictate terms in the equity markets in a holiday-shortened week ahead. Equity markets will remain closed on Tuesday on account of Ganesh Chaturthi. From the global front, interest rate decisions from the Bank of England and Bank of Japan would also influence market trends. The movement of the rupee against the dollar, U.S. bond yields, and crude oil prices will also remain in focus.

Please click here to read the detailed report: https://privetwealth.com/wp-content/uploads/2019/09/Weekly-Market-Update-15.09.2023.pdf