Weekly Market Quote : Markets remained volatile on the last trading week of 2022 but finally ended higher Says Mr. Ajit Mishra, Religare Broking
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Below is Weekly Market Quote 31 December 2022 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets remained volatile on the last trading week of 2022 but finally ended higher, taking a breather after the recent decline. Mixed global cues continue to weigh on the sentiment however buying in select index majors kept the tone positive. Consequently, the benchmark indices, Sensex and Nifty, settled with gains of over one and a half percent to close at 60,840.74 and 18,105.30 levels respectively. Among the sectoral pack, the recovery in banking played a crucial role in rebound and buoyancy in metal, energy and realty further added to the positivity. Besides, a noticeable bounce back in broader indices viz. midcap(+%.4.48) and smallcap(+5.98%) kept the participants busy.
The coming week marks the beginning of the new calendar year 2023 and participants will look forward to important data viz. auto sales, S&P Global India Manufacturing PMI data and S&P Global India Services PMI data during the week. Besides, global cues will continue to keep the volatility high. We have mixed indications on the index front as Nifty is facing resistance on every rise however the buoyancy in the banking pack along with select index majors from other sectors has eased some pressure. Nifty has multiple hurdles to cross till 18,500 so participants should continue with stock- specific approach. We are seeing certain themes and sectors like fertilisers, sugar, banking, metal, and energy showing resilience while defensive viz. FMCG and pharma may continue to trade lackluster so plan your positions accordingly.
Above views are of the author and not of the website kindly read disclaimer
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