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Below the Quote on Weekly Market Round-off by Shrikant Chouhan, Head Equity Research, Kotak Securities

Broader benchmark indices remained range bound and ended the weak on a flat note. However, BSE Small cap index gained 1.5%. Most of the sectoral indices reported negative returns for the week. However, BSE IT and BSE Bankex indices saw positive gains. Indian equities saw buying from FII’s this week. On the economy front, India’s goods trade deficit in May 2024 widened due a sharp increase in the oil trade deficit. Meanwhile, oil prices continues to rise and is well above the lows witnessed earlier this month. The government announced MSP for 14 Kharif crops, with MSP for paddy being increased by 5.4% yoy. As per the IMD, the southwest monsoon has further advanced into some more parts of Maharashtra, Vidarbha, Madhya Pradesh Chhattisgarh, Odisha and few more regions. The market participants will keep an eye on further progress of the monsoon. Food inflation in May 2024 was at 8.7%. Healthy crop outlook would be important towards controlling food inflation. In the near term, Indian equity market would continue to track domestic macro data and global markets. Going ahead, focus will gradually shift towards budget and Q1FY25 earnings.

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