Weekly market update, April 12, 2024

Indian equity markets closed the week with little change after witnessing rise for three consecutive weeks as key benchmark indices S&P BSE Sensex ended flat and Nifty 50 rose 0.03%. The mid-cap segment closed the week in green, however, the small-cap segment closed the week in red. Indian equity markets started the week on positive note on expectation of upbeat corporate earnings in the final quarter of FY24. However, sentiments were affected as the hotter-than-expected U.S. retail inflation number of Mar 2024 dampened the expectation of interest rate cuts soon by the U.S. Fed, geopolitical tensions in the Middle East and rising crude oil prices due to supply concerns. On the BSE sectoral front, Sectoral indices ended the week on a mixed note. S&P BSE Metal and BSE Oil & Gas increased 2.76% and 1.48%, respectively.

Analysts expect that several stock market triggers including the January-March quarter results for fiscal 2023-24 (Q4FY24), general elections 2024, the Israel-Iran conflict, domestic and global economic macroeconomic data, crude oil prices, and global cues are likely to guide the market direction in the coming week.

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