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Below is on Weekly Market Outlook 27 May 2023 By Vinod Nair, Head of Research at Geojit Financial Services

During the week, the performance of the domestic market was influenced by global cues, including concerns surrounding the ongoing US debt ceiling negotiations, the German recession, and hawkish comments from US Fed officials. However, a significant surge in sales projections by chipmaker Nvidia helped in the recovery of the US tech sector. The release of the FOMC minutes revealed differences of opinion regarding future policy measures, with a slight leaning towards a less aggressive approach. Domestic investors traded cautiously during the week; however, driven by the strong growth forecast for the Indian economy, the market witnessed a smart recovery towards the end. The IT and pharmaceutical sectors rebounded due to bargain opportunities and pent-up demand. With the upcoming Q4 GDP data, it is anticipated that India's FY23 GDP will surpass the earlier projected 7.0% growth rate, thereby improving the overall outlook of the Indian economy.

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