Weekly market update, Jan 27, 2023

After rising for two consecutive weeks, The Indian benchmark indices snapped the advance and fell. The Sensex was down 2.13% and Nifty was lower by 2.35% this week. The broader market indices underperformed their larger peers and traded lower; the S&P BSE MidCap was down 2.67%, whereas S&P BSE SmallCap was lower by 3.52%. On the sectoral front, Nifty Auto, FMCG and IT indices gained this week. On the other hand, Nifty PSU Bank, Metal, Bank, and Realty indices fell more than 4% in trade. After heavy beating in the Adani Group stocks, Market sentiments dampened as investors remain worried for the upcoming monetary policies by the central bank and Union budget. 

The Union budget is a key domestic event on February 1st, and the outcome of the US FOMC meeting scheduled for the same day late at night is a key global event. A bunch of companies will come out with Q3 earnings during the week, while monthly auto sales numbers and macroeconomic numbers from the USA will be other important factors. The market will continue to monitor Adani Group, whose stock price has fallen below the floor price of its FPO. FIIs’ flow will be an important factor for Indian equity market. 

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