Weekly market update, March 22, 2024

Indian equity markets managed to close the week with mild gains amid mixed cues, with the Nifty 50 gaining 0.33% and the BSE Sensex rising 0.26% in the week. A cautious undertone prevailed due to rising crude oil prices, However, robust direct tax collections of domestic economy and dovish comments from the Federal Reserve aided to boost the sentiment. The broader markets too ended higher, with the BSE MidCap rising 1.44% and the SmallCap advancing 1.81%. On sectoral front, Ten sectors on the NSE ended higher this week and two declined. The Nifty IT emerged as the worst performer with an over-6% loss.

Analysts expect that investors will eye several stock market triggers in the last week of March 2024. Government announcements on fiscal closing, domestic macroeconomic data, foreign capital inflow, and global cues are the main factors that will drive market movement. Trading volumes may be lower in truncated week due to market closures on both Monday for Holi and Friday for Good Friday.

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