Weekly market update, Sep 16, 2022

India’s stock benchmarks logged their worst week since June 17, following the sharp slide on Friday. The Sensex and Nifty fell 1.59% and 1.70%, respectively. Despite its strong decoupling scenario and encouraging macroeconomic data, domestic bourses succumbed to the global trend of rising bond yields and the dollar index as a result of rate hike fears in the global market. Among the broader indices, the BSE Midcap and Smallcap closed lower by 1.46% and 1.12%, respectively. Information technology stocks fell the most in the week, followed by auto, realty, oil and gas, and energy stocks.

According to market experts, In the coming week, In absence of any major domestic data and events, Equity markets will be driven by the outcome of the U.S. Federal Reserve’s interest rate decision. Moreover, equity benchmarks will also continue to be guided by foreign fund movement and trend in Brent crude oil, they added. ‘The global markets are looking nervous after the U.S. inflation numbers, which have caused the dollar index to hover around 110.

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