Weekly market update, March 02, 2024

The Indian equity indices witnessed a volatile week, and extended their winning streak for a third consecutive week to achieve a new all-time high, propelled by stellar GDP figures and a healthy performance in the manufacturing sector as output and new order picks up. The BSE Sensex climbed 663 points or 0.91% and the Nifty 50 jumped 165 points or 0.75%. The broader market indices; The BSE mid-caps ended flat while BSE Smallcaps declined 0.39% for the week. On the sectoral front, all sectoral indices ended higher except Media, Pharma and IT.

Meanwhile, Leading stock exchanges BSE and NSE conducted a special trading session in the equity and equity derivative segments on Saturday to check their preparedness to handle major disruptions or failure at the primary site. The special live trading session had an intra-day switch-over from primary site to disaster recovery site.

Analysts expect that trends in the global markets, trading activity of foreign investors and announcement of domestic macroeconomic data are the major factors that would drive investors sentiment in a holiday-shortened week ahead. Key upcoming events, such as the release of the US services PMI on March 5, 2024, testimony by the US Fed Chair Powell, along with the US unemployment rate on March 8 will be closely watched for their potential impact on market sentiment. Equity markets would remain closed on Friday for Mahashivratri.

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