Ahead on D-Street: Reliance AGM, macro data, global cues & more; check key triggers for stock markets this week
Reliance Industries, macroeconomic data, global cues, and more. Markets consolidated in a range and settled lower for the fifth successive week -the longest streak since April 2022 - mainly pressurized by weak global cues. The tone was positive for most of the week but a decline in the final sessions pushed the index in the red.
On the benchmark front, Sensex closed with a loss of 366 points, or 0.56 per cent, at 64,886.51 while the Nifty50 closed the day at 19,265.80, down 121 points, or 0.62 per cent. For the week, Sensex slipped by 0.10 per cent while the Nifty declined by 0.23 per cent. On the other hand, the BSE Midcap index rose 1.50 per cent while the Smallcap index jumped 2.19 per cent for the week.
The market was influenced by a combination of factors including escalating the US bond yields, concerns stemming from China, and the downward pressure exerted by heavyweights such as Reliance Industries and HDFC Bank. A mixed trend on the sectoral front kept the traders busy wherein banking, financials and IT pack witnessed recovery while energy and pharma lost over a per cent each. Amid all, the buoyancy in the midcap and smallcap basket eased some pressure, according to analysts.
‘’Despite a slight softening due to a weak US PMI, US bond yields remained elevated. The US Manufacturing PMI, registering at 47 against an expected 49.3, sparked hopes for an extended rate hike pause. Sectors closely tied to the Western economy, like IT and pharma, experienced increased volatility, while domestically-focused mid- and small-cap stocks demonstrated resilience and gained momentum,'' said Vinod Nair, Head of Research at Geojit Financial services.
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