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Below is the Weekly Market Outlook By Vinod Nair, Head of Research at Geojit Financial Services

The domestic market showcased all the thrills of an eventful week and swung with great volatility between gains and losses. The Adani saga has created large turbulence during the week, and as a result, the market failed to shy away from its instability even after a well-tuned budget that placed strong emphasis on consumption and capex. Despite the drop in crude prices and upside in global markets, the premium valuation of India continued to weigh down the performance of the domestic market compared to other emerging markets, which are expecting upside in the economy. However, a relief rally was seen towards the end of the week following the central banks’ commentary indicating an end to the rate hike cycle in the near future. The uptick in Adani Group stocks following the confident statement by Total Energies, a large French energy company, also raised the sentiment of the market. Global markets also rejoiced in less hawkish commentary from central banks; however, they witnessed selling towards the end of the week due to the weak results of global IT giants. In the upcoming week, a major trigger in the domestic market would be the RBI's rate decision and their commentary on future rate actions, where the market is widely expecting a rate hike of 25 basis points.

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