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Below is the Weekly Market Outlook By Sunil Damania, Chief Investment Officer, MarketsMojo

This week was extremely eventful for the market. It began with the settlement of Credit Suisse, during which the European regulator worked round the clock to ensure that Credit Suisse was in good hands at UBS. 

Everyone anticipated the Fed's rate hike and commentary, making this week eventful. The Fed raised rates by 25 bps but did not clarify its future course of action in terms of rate hike strategy. It appears the Fed is unsure how the SVB event may affect the US banking sector. I think the Fed would look for financial system flaws and then determine what to do. 

One thing is certain, the Fed chairman has made it obvious that they do not anticipate a rate cut in 2023. With these things in mind, the market has remained quite subdued. Except for the pharma and FMCG, all sectors closed in the red. 

We have observed mid and small caps performing well. But this week, even mid and small cap underperformed significantly to the large cap. So, the market is still waiting for a very strong cue to take it upwards. And till such a time the market is still awaiting a strong cue to propel it ahead, we believe the market will likely be volatile in the foreseeable future.  

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