Weekly market update, Aug 09, 2024

India’s equity market indices logged a second consecutive week of losses as various global and Indian macroeconomic cues including Yen’s carry trade, US recession fears along with the RBI governor’s hawkish commentary weighed on them. However, the global market sentiment was uplifted on the last day amid ease of US recession fears after lower-than-expected jobless claims data for the week. The upward revision of Reserve Bank of India’s fiscal 2025 growth estimates also added to the positive sentiment on Friday. On a weekly basis, the Nifty 50 fell 1.42% and the Sensex closed 1.58% lower. Broader market indices also ended lower. BSE Midcap was down 1.01% and BSE Smallcap ended lower by 1.86%. Most sectoral indices ended lower. Nifty Media, Nifty FMCG, and Nifty Pharma were the only indices that rose.

Analysts expect that Q1 Results, India’s CPI data, dividends announcement, Hindenburg report, IPO among key market triggers will influence the domestic markets in the coming week. The recent allegations by Hindenburg Research against the chairperson of India’s market regulator, Madhabi Puri Buch, could cast a shadow over market sentiment. On the global front, investors will be closely watching China’s interest rates and economic activity data.

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