Sensex & Nifty closed sharply lower on Friday, retreating sharply after extending its record high for five consecutive sessions since the start of the week. Weak earnings from Infosys, Wipro and HCL tech resulted in market fall. Reliance industries witnessed selling pressure ahead of earnings release. Strong inflows from FII/FPIs continue as for the month of July inflows stood at 438 billion.
In the coming week, investors will watch out for Fed, Ecb and BoJ monetary policy decision.
Equity Market Summary:
- Wall Street closed mixed on Friday however on weekly basis indices recorded 10 straight sessions of positive closing. So far this week’s corporate results have eased concerns about the US financial system after the banking crisis in March 2023.
- The DAX underperformed its regional peers and fell 0.2% on Friday, led by an over 4% slump in SAP shares. On weekly basis, DAX gained by 0.45%.
- The core consumer price index in Japan, rose 3.3% in June 2023 from a year ago. Annual inflation rate in Japan edged up to 3.3% in June 2023 from 3.2% in May.
- The number of Americans filing for unemployment benefits fell by 9,000 from the prior week to 228,000 on the week ending July, the lowest in two months, and sharply below market expectations of 242,000.
