Weekly market update, May 18, 2024

Indian equity indices gained the most this week amid positive global cues. The key benchmark indices rose due to fag end buying across the sectors as sentiments were boosted following the softer-than-expected inflation data of Apr 2024 in the largest economy of the world, which raised the optimism of rate cuts by the U.S. Federal Reserve. A drop in the dollar index and U.S. Treasury yields further extended the gains. On weekly basis, Key benchmark indices S&P BSE Sensex and Nifty 50 gained 1.84% and 2.03%, respectively. Broader markets outperformed benchmark indices. The S&P Midcap ended 4.92% higher, and the S&P BSE Smallcap settled 5.65% higher. On the BSE sectoral front, Most sectoral indices ended the week with positive note.

Analysts expect the volatile tone to continue, and the ongoing the January-March quarter results for fiscal 2023-24 (Q4FY24), voter turnout, domestic and global macroeconomic data, foreign fund outflows, crude oil prices, and global cues will be major driving factors for determining movement in the domestic equity market in the fourth week of May 2024.

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