Weekly market update, Oct 14, 2022

India’s stock indices, The Sensex and Nifty 50 ended the week down by 0.47% and 0.74%, respectively. The decline was broad-based as losses were witnessed in the mid cap segment and in the small cap segment as well. The BSE Midcap and Smallcap closed lower by 2.66% and 0.97%, respectively. Equity markets commenced the week on a negative note following weak cues from global equity market. A better-than expected unemployment rate in U.S. for Sep 2022 concretized the belief among market participants that further rate hikes are in store from the U.S. Federal Reserve in the coming months. Further losses were restricted as investors remained optimistic on the upcoming earnings season for the Q2FY23 as some prominent companies in the IT sector kicked off the earnings season on a strong note. On the sectoral front, most of the sectoral indices closed in the red over the week. S&P BSE Realty fell the most by 4.20%, and S&P BSE IT rose the most by 0.90%.

Analysts expect that stock markets this week will be guided by the ongoing quarterly earnings season and global factors. They further added that foreign fund movement would also play a crucial role in dictating the terms. Apart from this, they said, movement of the rupee and trend in international oil benchmark Brent crude will also influence trading.

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