Indian markets fell on Friday due to sell off in IT stocks on account of weakness in global markets. The broad-based Nifty 50 Index fell by (-) 0.4% during the week. While the Nifty Midcap 150 was flat gaining 0.02% and Nifty Small cap 250 Index was slightly positive gaining 0.6%.
Sectoral indices were a mixed bag. Nifty IT, Nifty Consumer Durables and Nifty Metal fell the most, losing (-) 4.7%, (-) 1.5% and (-) 0.5% respectively. While Nifty Pharma, Nifty Bank and Nifty Healthcare Index gained the most i.e. 1.3%, 0.9% and 0.9% respectively.
Nasdaq was down, dragged by poor performance from companies like Tesla and Netflix. S&P 500 (US) Index^ and Dow Jones^ gained 0.4%, and 2.3% respectively. Nasdaq fell by (-) 0.7%. FTSE^ gained 3.0% due to strong production numbers and gains from mining stocks. Asian indices were a mixed bag. Nikkei, Hang Seng and Kospi fell as weakness in US markets seeped in Asian markets with the indices losing (-) 0.8%, (-) 1.3% and (-) 0.4% respectively. Hopes of economic support from Chinese government boosted the Shanghai composite Index gaining 1.6% during the week.
MACROS Update:
Brent crude prices fell this week to reach: $80.32.
The rupee gained to settle at Rs 81.99 against the US dollar.
Gold prices rose slightly to settle at Rs 59,406/-.
Source: www.nseindices.com; google finance, MCX Gold Prices; www.rbi.org.in; Morningstar and tradingeconomics.com
Data for week ended on July 21, 2023. ^ data for the week (Mon – Thu) i.e., July 20, 2023
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