Weekly market update, Jan 10, 2025

Domestic equity benchmarks Sensex and Nifty 50 snapped their two-week winning streak, and declined 2.33% and 2.35%, respectively. Weak quarterly earnings updates and growing concerns over HMPV virus cases in India dampened investor sentiment in the last five days. The downward revision in growth estimates to 6.4 per cent for FY25 has shadowed the economy’s momentum. Broader indices, the BSE Midcap closed 5.74% lower, while BSE Smallcap declined around 6.05%. On sectoral front, Twelve of the 13 major sectors logged weekly losses. The only outlier was the IT sector, which closed with a two per cent weekly gain after the sector leader indicated early signs of a demand revival. 

Analysts expect that the upcoming week’s market sentiment will be shaped by a mix of key domestic and global events. Indian markets will see the earnings season ramping up along with the release of consumer price index data and wholesale price index inflation data for December, which is expected to gauge price and currency stability.  The Reserve Bank of India will also release data on bank loan growth, deposit growth and federal exchange reserves, which will also shed light on domestic financial performance.

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