Weekly market update, Dec 20, 2024

Domestic equity benchmark indices recorded the worst week months as hawkish outlook from the US Federal Reserve rattled global markets across the globe. The US Fed reduced the federal fund target range by 25 basis points to 4.25–4.50% after its two-day policy meeting on late Wednesday. The US central bank raised the inflation and economic growth outlook. It also reduced rate cut projection to 50 basis points in 2025 compared to 100 basis points earlier.

On a weekly basis, the NSE Nifty 50 fell 4.77%, and the BSE Sensex fell 4.98%. Broader market indices outperformed the large caps. BSE Midcap closed 3.24% lower and BSE Smallcap ended 3.17% lower. On sectoral front, this week, 11 sectors declined and one advanced out of 12. The NSE Nifty Metal declined the most, and the NSE Nifty Pharma outperformed other sectoral indices.

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