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Below is on Weekly Market Quote 10 March 2023 By Vinod Nair, Head of Research at Geojit Financial Services

The initial gains in the domestic market during the week were a result of improved market sentiment owing to the foreign bulk deal at Adani, the oversold stage of the domestic market, and FII buying. However, the global market has fallen back into the grip of uncertainty following the Fed chief’s comment that signalled the possibility of a prolonged and faster rate hike, contradicting a dovish comment made by another Fed official last week. The market now anticipates a 50 bps rate hike, which has pushed the dollar index to a three-month high. Selling intensified towards the end of the week following further negative cues from the US market and as the market awaited the release of US unemployment and non-farm payroll data, which will have a significant impact on the upcoming Fed meeting. However, higher-than-expected jobless claims in the US that came in yesterday helped alleviate some concerns about the Fed becoming more strict.

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