Stock market triggers: US Fed policy, IIP, CPI, among factors that may drive Sensex, Nifty this week

 11/6/23 4:50pm IST



Indian indices settled almost flat for the second consecutive week amid mixed cues. The beginning was subdued but buying in select heavyweights in the middle tried to change the tone.


On Friday, Sensex closed closed 223 points, or 0.35 per cent, lower at 62,625.63 while the Nifty ended at 18,563.40, down 71 points, or 0.38 per cent.

The domestic market had a positive start to the week, buoyed by favourable indicators such as stronger-than-expected PMI figures, sequential growth in auto sales, and robust expansion in bank credit, said Vinod Nair, Head of Research at Geojit Financial services


“However, market sentiment was dampened as the RBI opted for a cautious approach by refraining from a significant cut in the inflation forecast. The central bank cited concerns over geopolitical uncertainties, the potential impact of El Nino, and the rise in the minimum support price while reaffirming their commitment to bringing down inflation to near the targeted 4%," he said.


Eventually, both the benchmark indices, Nifty and Sensex, closed almost unchanged at 18,563.40 and 62,625.63 levels respectively.


“The key sectoral indices witnessed a mixed trend wherein auto, energy and realty posted decent gains while IT and FMCG ended lower. Amid all, the broader indices managed to outperform for yet another week and gained in the range of 0.5%-1.2%," said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd

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