Weekly Market Quote: Markets edged higher amid volatility and gained nearly one and a half percent Says Mr. Ajit Mishra, Religare Broking Ltd
Quote on Weekly Market Outlook 2023 By Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
Markets edged higher amid volatility and gained nearly one and a half percent. The tone was upbeat in the beginning however mixed global cues combined with selective participation from the index majors capped the movement in the following sessions. Consequently, the benchmark indices, Nifty and Sensex, settled at 18,314.80 and 62,027.90 levels respectively. Among the sectoral pack, auto, banking & financials were the top contributors while metal and pharma traded subdued. Importantly, the broader indices ended higher for the seventh consecutive week and gained nearly a percent each.
Participants will react to the macroeconomic data viz. IIP and CPI data first, which was released post market on Friday. And, the WPI inflation data is also scheduled on May 15. Apart from economic releases, global cues, especially the performance of the US Indices and the trend of foreign flows will also be in focus for cues.
As the earnings season is in full swing, big names like Bharti Airtel, SBIN, ITC, IOC, JSW Steel and GAIL will announce their numbers during the week along with several others.
Markets have been seeing a steady recovery for the last one and a half months and inching gradually toward the record high. On the index front, Nifty has formed a higher base around 18,050 so we recommend continuing with the positive bias till Nifty upholds this level. Banking, financials, auto and FMCG are performing well and we expect the tone to continue however the participants could be mixed. Traders should plan their positions accordingly, with focus on risk management.
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Weekly Market Analysis : Markets strengthened recovery and gained nearly 2% in the passing w...