Weekly market update, Nov 29, 2024

India’s equity indices extended its gains for the second consecutive week amid volatility, initially driven by robust investor sentiment and renewed buying following the decisive victory of the BJP-led NDA in the Maharashtra assembly elections. On a weekly basis, The Nifty 50 and Sensex ended 0.94% and 0.87% higher, respectively. The broader markets outperformed the benchmark indices as the BSE MidCap and the SmallCap ended 2.31% and 4.92% higher, respectively. On sectoral front, most sectoral indices ended with gains. Nifty Media rose the most and Nifty Auto and Nifty IT declined.

Analysts expect that market participants attention will shift to the Reserve Bank of India’s upcoming monetary policy committee meeting next week. The RBI’s decision will carry added significance following recent data showing the growth in the gross domestic product slowing to 5.4% in the second quarter, the weakest in seven quarters. Retail inflation in India spiked to a 14-month high of 6.21% in October, adding to uncertainty. Traders will also keep a close eye on Federal Reserve Chair Jerome Powell’s speech on Wednesday, looking for clues on the Fed’s future monetary policy direction.

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