Weekly market update, Dec 29, 2023

Indian equity markets ended the last week of 2023 on positive note, Key benchmark indices S&P BSE Sensex and Nifty 50 gained 1.59% and 1.79%, respectively. The upward trend was driven by a widespread purchasing along the sectors supported by robust economic growth along with the anticipation of early rate cuts by the U.S. Federal Reserve and cooling global inflation. Sentiments were further boosted after major shipping companies began operating again through the Red Sea despite ongoing tensions. The broader market indices; the BSE Midcap rose 2.67% and the BSE Smallcap gained 1.60%. On sectoral front, Except the Nifty IT and Media, all sectoral indices ended the week higher, with auto and metal gaining the most.

Analysts expect that the euphoria in markets is expected to continue on account of strong macro factors and positive global cues. However, some consolidation can be expected in the initial sessions after Nifty 50 surged almost eight per cent in December. The key stock market triggers in the first week of 2024 include domestic cues, macroeconomic indicators, auto sales figures, October-December quarter (Q3FY24) updates, foreign capital inflow, and global cues.

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