Weekly market update, Dec 22, 2023

The Indian benchmark indices declined last week after logging gains for seven straight weeks, The Nifty 50 index ended 0.50 per cent lower while BSE Sensex lost 0.53 per cent. Worries for the oil supply following the latest attacks on ships in the Red Sea weighed on the market sentiments. Further, investors opted for profit booking after the recent rally, also contributed to the downside. The broader market indices; the BSE Midcap lost 0.87 per cent, while the BSE Smallcap was 0.19 per cent lower. On sectoral front, Most sectoral indices ended lower last week with Nifty Media falling the most by 1.9%. Nifty Auto and Nifty Bank also lost more than 1%. Nifty FMCG, Nifty Pharma, and Nifty Energy rose.

Meanwhile, Analysts predict that the stock markets will likely experience a range-bound trend during this shortened holiday week, as no significant domestic catalysts are expected. Additionally, there may be increased volatility in stock indices due to the monthly derivatives expiry scheduled for Thursday.

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