Weekly market update, Nov 24, 2023

The India benchmark indices advanced for the fourth week with mild gains amid mixed global cues supported by gains in select index heavyweights. Domestic indices traded within a range throughout the week with a positive bias. The Fed Reserve adopted a cautious stance, and the muted trend in European and German markets was also echoed in domestic markets. Declining inflation and recent cooling job data in the US, along with easing US bond yields, attracted foreign funds to the emerging markets. The S&P BSE Sensex rose 0.27% and NSE Nifty 50 was higher by 0.32% this week. The broader markets outperformed larger peers; the S&P BSE MidCap Index was up 0.69%, whereas S&P BSE SmallCap Index was 0.53% higher. Most sectors advanced this week with Nifty Realty Index gaining over 1%, followed by Nifty Metal. Nifty IT has fallen the most this week.

Analysts expect that markets may witness volatility in the coming week due to the scheduled expiry of November month derivatives contracts. Investors will eye a host of stock market triggers including major domestic and global macroeconomic data, exit polls of state assembly elections, foreign capital inflow, and global markets cues with crude oil prices. On the macroeconomic front, India’s gross domestic product (GDP) for the third quarter will be released on November 30, 2023. The infrastructure output data for October will be released on the same day. The S&P Global Services PMI for November will be declared on December 1. Auto stocks will be in focus as auto companies will announce their monthly auto sales numbers for November on December 1, 2023.

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