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Below Quote On Weekly Market Outlook 30 September 2023 By Vinod Nair, Head of Research at Geojit Financial Services

"Amidst mounting concerns stemming from escalating crude oil prices and inflationary pressures, which were compounded by fears of another rate hike by the Fed, the domestic market grappled with volatility throughout the week. The increase in US bond yields and volatility in the INR further diminished the attractiveness of domestic indices for foreign investors. Further, due to low liquidity and a lack of catalysts to stimulate buying, the market is encountering strong resistance at higher levels. Throughout the week, IT stocks underperformed due to adverse global cues, while the pharma sector witnessed strong buying interest as investors adopted a defensive strategy in response to global uncertainties. Yet the market concluded the week on a positive note, boosted by healthy momentum in industrial growth, up by 12% YoY. Volatility is expected to remain elevated in the short term, given the upside risk of domestic inflation on account of higher crude prices. Investors will closely monitor upcoming releases of domestic, US, and Chinese PMI data, among other indicators, as they are expected to shape future market trends."

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