Weekly market update, Feb 02, 2024

The India’s Benchmark stock indices snapped two straight weeks of losses and ended the budget week higher amid favourable global cues and buying in select heavyweights. On a weekly basis, the BSE Sensex gained 1.96%, while the Nifty 50 rose 2.34%. The broader markets rose in line with the benchmark indices. The S&P BSE Midcap gained 3.13%, and the S&P BSE Smallcap rose 3.35%. On sectoral front, BSE Oil & GAS gained the most and followed by BSE PSU. Only BSE FMCG, CG and CD have posted losses.

With US Fed and Interim Budget now behind, In the coming week, Analysts expect that stock markets will be driven by quarterly earnings by index majors, global trends and the RBI’s interest rate decision. The trading activity of foreign investors and the movement of global oil benchmark Brent crude would also dictate trends in equities.

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