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Weekly Indian Stock Market Update (12-16 Dec 2022): Indian equity markets extended their losses for the second consecutive week. The domestic markets erased early week’s gains in the last two trading sessions. The equity markets were trading positively in the early week due to ease in India’s WPI numbers and US inflations. Investor’s sentiment took a hit after the US Federal Reserve hiked the interest rates by 50 bps and projected more hikes in 2023.
The European Central Bank (ECB) also raised the 50 bps interest rate hike on Thursday and hinted that more rate hikes are on the card to tame inflation. Further, the disappointing US retail sales data and the hawkish tone from the Central Banks chief renewed the concerns about the global recession among investors.
Among the sectors, Nifty PSU Bank closed higher while Media, FMCG, Realty, and IT were closed in the red. Foreign investors were the net sellers in the equity cash segment, they sold Rs 1832.17 crore worth of shares while Domestic investors bought Rs 3462.22 crore during the week.
On a weekly basis, Indian equity benchmarks closed lower by over 1 percent. Sensex declined 843.86 points or 1.36%, and closed at 61337.81, while the Nifty was down by 227.6 points or 1.23%, and ended at 18269 levels. The Bank Nifty index also closed lower for the week by 413.95 points or 0.95 % and finished at 43219.5 levels.
The broader markets also closed mixed during the week. The Nifty midcap index fell by 364.4 points or 1.12 percent, and at 32010.1 levels. The Nifty small-cap index outperformed the benchmarks, it gained 47.85 points or 0.48 percent and ended at 10017.45 levels during the week.
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