Weekly market update, Jan 06, 2023

Indian equity indices have begun the new year on a slightly cautious note, in line with the global markets and fell by more than 1% in the first week of 2023. The S&P BSE Sensex closed 1.54% down at 59900 while NSE Nifty 50 ended 1.36% lower at 17859. FOMC minutes and cautious bets ahead of Q3 earnings led to down side of Sensex and Nifty 50. Among the broader market indices, S&P BSE MidCap and S&P BSE SmallCap were down by 0.58% and 0.49%, respectively. On the BSE sectoral front, S&P BSE Teck fell the most by 2.36% followed by S&P BSE IT which fell 2.30%.

Analysts expect that, Going ahead, Weak global cues are largely weighing on sentiment in absence of any major trigger from the domestic front. In the coming week, major IT sector Q3 earnings along with key economic data are likely to play a key role in setting the market’s tone.

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