Weekly market update, March 15, 2024

Indian equity indices snapped a four-week gain this week and recorded their worst fall on weak global cues as uncertainty over the timing in the Federal Reserve’s rate cut resurfaced following hotter-than-expected US inflation data and cautiousness towards mid & small caps dampened the market sentiment. The S&P BSE lost 1.99%, while the Nifty 50 declined 2.09%. The BSE Smallcap index dropped 5.91% and the midcap gauge tumbled 4%. All sectors ended in the red with realty, metal and power falling the most. S&P BSE Realty, S&P BSE Metal and S&P BSE Power plunged 9.3%, 7.7% and 6.7%, respectively.

Market experts expect that equity markets may remain volatile in the near-term amid a host of global central bank’s monetary policy decisions lined up in the coming the week. “This week will place a significant focus on monetary policy, as the Fed will begin its two-day policy meeting on March 19. The US Federal Reserve will announce its interest rate decision after its two-day policy meeting on March 20, 2024,” Additionally, China will announce the loan prime rate for 1-year and 5-year loans, and the Bank of Japan (BoJ) will announce its interest rate decision on March 19, 2024. Japan will also announce the inflation rate on March 22.

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