Weekly market update, Jan 25, 2024

India’s benchmark stock indices extended losses for second week, and ended lower in a truncated week as shares of HDFC Bank Ltd, Axis Bank Ltd weighed. The S&P BSE Sensex declined 1.01%, and the NSE Nifty 50 declined 1.02%. BSE Midcap and BSE Smallcap index also ended lower for the week. On the sectoral front, majority of indices were lower. BSE Realty and BSE Bankex index declined by 3-5% in this week. On the other hand, BSE healthcare index posted positive gains.

Analysts expect that interim budget, the U.S. Federal policy decision and quarterly earnings will be the major drivers for stock markets which may also see some consolidation in the coming week. Besides, investors would also focus on the trading activity of foreign investors and global trends for further cues. From the macroeconomic front, the PMI data for the manufacturing sector is scheduled to be announced on Thursday.  Apart from this, Bank of England monetary policy is also due coupled with a few key economic data releases which might keep markets volatile.

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