Weekly market outlook : The Indian market displayed resilience in the early half of the week Says Vinod Nair, Geojit Financial Services
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Below is on Weekly market outlook 14 April 2023 By Vinod Nair, Head of Research at Geojit Financial Services
The Indian market displayed resilience in the early half of the week, aided by positive quarterly business updates from leading sectors and continued FII buying. The RBI’s decision to keep the policy rates unchanged, along with positive revisions to GDP and inflation forecasts, also bolstered market sentiment. Although the downward revision of FY24 inflation to 5.2% was earlier seen as slightly ambitious, the March CPI inflation rate of 5.66% lent support to the RBI's stance. However, solid US job data raised concerns over further rate hikes by the Fed. Global markets were also perturbed after the FOMC minutes hinted at a possible mild recession due to banking turmoil despite US inflation cooling to 5.0%. The top IT firm's weak quarterly earnings and cautious outlook, which highlighted deferred spending and uncertainty in the BFSI segment, dampened the domestic market mood in the latter part of the week. The earnings reports, primarily from the IT and banking sectors, will influence market trends in the upcoming week.
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