Weekly market outlook : Domestic indices followed suit in-line with global markets Says Vinod Nair, Geojit Financial Services
Below is on Weekly market outlook 18 March 2023 By Vinod Nair, Head of Research at Geojit Financial Services
Domestic indices followed suit in-line with global markets which took a breather towards the end of the week in hopes of relief from the global banking turmoil. Global equities reversed their selling streak on reports of a rescue package for the beleaguered First Republic Bank, along with an aid provided to Credit Suisse from the Swiss Central Bank, which would soothe concerns over global financial stability. Easing US inflation provided confidence that the Fed would not opt for a harsh rate hike of 50 bps and might even consider taking a break during the March meeting. Consistently unfavourable signs in global markets are encouraging investors to turn to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee's depreciation. Considering the 50 bps rate hike by the ECB, all eyes will be on the US Fed and Bank of England, which are set to hold their policy meetings next week.
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