The Indian equity market encountered its fifth successive week of profit-booking, attributed to a combination of mixed global cues, surging US bond yields, Reserve Bank of India’s (RBI) concerns over inflation, and the market’s circumspect stance ahead of the US Federal Reserve Chairman’s address.
Index Performance and Sectoral Trends
This week, the BSE Sensex edged down by 0.09%, shedding 62.15 points, while the Nifty 50 declined by 0.22%, losing 44.35 points to conclude at 19265.80. Notably, BSE Mid-Cap and Small-Cap indices achieved substantial gains of 1.5% and 2% respectively, attaining new highs. Contrarily, the BSE Large-Cap index remained relatively stable.
Sectoral Performance Analysis
In terms of sectoral indices, the BSE Pharma and Nifty PSU Bank indices experienced a 1.5% decline, while the Nifty Energy index displayed a weakening of 1.2%. However, the Nifty IT index displayed resilience, marking a 1% gain, and the Nifty Media index followed suit, advancing by 0.6%.
Expert Predictions and Insights
Market experts offer diverse viewpoints on the market’s future trajectory. Aditya Gaggar of Progressive Shares anticipates potential market reversal based on technical analysis. Amol Athawale of Kotak Securities emphasizes cautious profit-taking amidst inflation and interest rate concerns. Jatin Gedia from Sharekhan observes persistent selling momentum and negative indicators. Rupak Dey of LKP Securities highlights key support and resistance levels for Nifty and Bank Nifty.
