Weekly market update, Sep 29, 2023

The India benchmark indices declined for the second week in row amidst mounting concerns stemming from escalating crude oil prices and inflationary pressures, which were compounded by fears of another rate hike by the Fed, the domestic market grappled with volatility. The S&P BSE Sensex fell 0.27% and NSE Nifty 50 was lower by 0.18%, this week. However the broader market indices ended higher; the S&P BSE MidCap Index was up 1.23%, whereas S&P BSE SmallCap Index was also 1.36% higher. On sectoral front, Nifty Realty and pharma rose the most whereas IT and Media declined the most this week. The IT index has lost about 5 per cent in the last two weeks.

Stepping into the new month, analysts expect that investors will eye a host of triggers in the first week of October- brimming with several key events that will guide market direction, including the upcoming Monetary Policy Committee (MPC) meeting by the Reserve Bank of India (RBI), second quarter (July-September) results of current fiscal (Q2FY24), domestic and global macroeconomic indicators, auto sales figures, foreign fund inflow, crude oil prices, and global cues. 

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