Weekly market update, Jan 20, 2023

India’s benchmark indices continued their weekly winning streak for the second consecutive week. The S&P Sensex ended 0.60% higher, and Nifty closed with a 0.40% gain this week. Markets rose on expectations that the forthcoming Union Budget would announce some measures to boost the Indian economy to overcome some of the challenges. Upbeat domestic wholesale inflation data which fell to almost two year low and supportive global cues along with hope for increase in Chinese demand supported the market upside. Among the broader market indices, the S&P BSE Midcap and smallcap lost 0.66% and 0.79%, respectively. On the sectoral front, Nifty I.T., Bank, and Realty indices gained this week. On the other hand, Nifty Media, PSU Bank and Auto declined more than 1%.

In the coming week, Markets will first react to the important corporate results like Reliance, ICICI Bank, and Kotak Bank in early trade on Monday. As next week will be shortened week because of the market will be closed on Thursday for Republic Day; thus, the January month F&O expiry is scheduled for Wednesday, which may cause market volatility. Global cues are also volatile and lack direction, but any major swing in the global market may also impact our markets.

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