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The domestic equity markets experienced profit booking and caution selling amid concerns over high valuations and froth in some segments of the market. The weak global cues and hotter than expected inflation numbers from US, further hurt sentiments. As a result, the Nifty 50 benchmark index closed (-) 2.1% down. The Nifty Midcap 150 index and Nifty Small cap 250 index registered losses of (-) 4.1% and (-) 5.9% respectively.
Barring Nifty IT, all other sectoral indices closed in red, this week. Nifty IT gained 1.1% while Nifty FMCG and Nifty Financial Services fell the least registering a fall of (-) 0.5% and (-) 1.7% respectively. The sectoral indices which fell the most were Nifty Realty, Nifty PSU Banks and Nifty Media losing (-) 9.4%, (-) 7.9% and (-) 8.3% respectively.
US CPI came at 3.8%- eroding expectations of a June Fed rate cut. During the week US indices were flat with S&P 500 (US) Index^, Dow Jones and NASDAQ registering small gains 0.5%, 0.5% and 0.3% respectively. UK equity markets saw a gains at the beginning of the week due to good performance in telecom stocks. However reacting to global cues, FTSE ended the week flat gaining 1.0%. Asian markets were a mixed bag with Hang Seng and Shanghai gaining 2.01% and 0.3% while Nikkei 225 and Kospi lost (-) 0.4% and (-) 0.1%.
Other Markets:
Brent crude prices rose to $ 84.98.
The rupee fell slightly to settle at Rs 82.84 against the US dollar.
Gold prices went up by 0.5% during the week, to settle at Rs 65,304 per 10 grams.
The 10 Yrs G-Sec was at 7.06% compared to its last Friday close of 7.03%.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on March 15, 2024. ^ data for the week (Fri – Wed)
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