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

In this week, the Indian equity markets witnessed selling pressure, as the global sentiments remained weak. The Nifty-50 and the Sensex-30 index closed the week with a decline in excess of 1%. In line with the larger indices, the BSE midcap index also posted negative weekly returns. Majority of the sectors too ended the week in the red with BSE Energy index falling by more than 3%. In the automobile sector, the wholesale volumes for the month of August 2024 was subdued in most of the segments. BSE Auto index corrected by ~2% this week.

Crude oil prices has seen a meaningful correction over the few days with Brent crude now close to $73 per barrel. In India, investors will look forward to release of macro data next week, including CPI inflation. Globally, investors remain optimistic about the possibility of a rate cut by the US Fed and would keenly look forward to the US Fed meet scheduled later this month.

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