Weekly market update, Oct 07, 2022

India’s stock benchmarks snapped its worst three-week losing streak in five months, aided by information technology, metal, realty, media, and pharma stocks, ahead of the quarterly earnings season. The weekly gains came amid a surge in oil prices following the OPEC+ bloc’s decision to cut supply, in a bid to arrest the slide in oil prices. The Sensex and Nifty 50 ended higher by 1.33% and 1.29%, respectively. Among the broader indices, the BSE Midcap and Smallcap closed higher by 2.14% and 2.21%, respectively. On the sectoral front, information technology, metal, realty and media indices gained the most in the week gone by. Only auto and FMCG indices declined.

According to analysts, The Indian equity markets remains a beacon of hope amid gloom in global markets, as Europe is seen as a bad bet and the U.S. may only make a comeback next quarter. In the coming week, markets will keep a close watch on corporate results for the second quarter of FY23 with TCS, Wipro, HCL Tech, and Infosys in focus. Broadly, IT stocks will be in focus due to quarterly earnings. Globally, FOMC minutes are likely to hold dominance in fuelling market sentiment. While inflation print of major economies like the US, China, and India will also have a role in the performance. Domestic equities will also track the movement of global peers. 

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