Weekly market update, Oct 20, 2023

Indian equity indices declined after two weeks of gains. The S&P BSE Sensex fell 1.34% and NSE Nifty 50 was lower by 1.06% this week. On the other hand, the BSE Midcap index fell 1.32% this week while the smallcap index moved up by 0.04%. Rise of oil prices in the global markets, escalated geopolitical conflicts in the Middle East, rise of U.S. treasury yields followed by hawkish comments from the Federal Reserve official contributed to the downside. On sectoral front, Nifty Realty and Nifty Metal fell the most this week, whereas Nifty Auto gained.

In the coming week, Analysts expect that movement in crude oil prices, global trends, and quarterly earnings will drive the Indian equity markets. Investments by domestic institutional investors (DIIs) and foreign institutional investors (FIIs) during results season are other key factors to be monitored. On the global front, ECB (European Central Bank) interest rate decision, UK services PMI, US manufacturing and services PMI, US GDP are the key events to be tracked by investors. Notably, the coming trading week is shortened by the Dussehra holiday on October 24. 

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