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Below is on Market Quote 17 February 2023 By Vinod Nair, Head of Research at Geojit Financial Services

Dominated by the release of key macroeconomic numbers and persistent FII buying, domestic markets witnessed a positive trend during the week. However, the unfavourable combination of higher-than-expected inflation and a stronger job market in the US market dragged markets lower towards the end of the week, raising concerns about tighter monetary policy. The whammy over India’s retail inflation breaching the RBI’s tolerance level was cooled by WPI inflation easing to 4.73% in January. The US inflation rate, though it slowed its pace compared to the previous month, came in higher than expected at 6.4% YoY. Oil prices fell during the week as the US announced the release of more crude from its Strategic Petroleum Reserve (SPR), lifting supply concerns. A lack of major triggers in the domestic market will attract global cues to dictate the market's trend going forward.

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