Weekly market update, Nov 03, 2023

The Indian equity indices gained after sliding for two weeks. The S&P BSE Sensex closed up 0.91%, at 64,363 while the NSE Nifty 50 was 0.96% higher at 19,230. Good earning numbers and strong global cues after the U.S. Federal Reserve’s decision to keep the interest rate unchanged have facilitated market recovery. The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 2.00%, whereas S&P BSE SmallCap Index was 1.90% higher. All sectoral Indices gained on week-on week basis except for Nifty Auto. Nifty reality was an outperformer gaining 10% during the week.

Analysts expect that the ongoing quarterly earnings report card of corporates, global trends and trading activity of foreign investors are key factors to drive the momentum in the equity markets in the coming week. Moreover, markets would also focus on global oil benchmark Brent crude and the rupee-dollar trend. On the domestic front, the upcoming release of Q2 earnings report is expected to have a significant influence on market sentiment.

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