Weekly Market Overview As Investors Prepare for New Week

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Weekly Market Overview As Investors Prepare for New Week

By Malvika Gurung

Investing.com -- The domestic market snapped a multi-week gaining momentum and closed lower for the June 23-ended week after the headline index Sensex recorded a new lifetime high and Nifty neared its all-time high of 18887.6 points in the week.

Benchmark indices Nifty and Sensex ended in the red on Friday, closing the week 0.85% and 0.64% lower, respectively.

However, profit booking was higher and more evident among small-cap and mid-cap stocks in the week, following a strong rally recently. The NIFTY Smallcap 100 and NIFTY Midcap 100 indices tanked 1.1% and 1% respectively, last week.

The mood on Dalal Street soured as cautiousness stepped in global markets amid central banks hiking interest rates in major global economies, while hawkish commentary from Fed Chair Jerome Powell stating to conduct more rate hikes going forward led to a correction in the domestic market during the week.

Market experts are of the view that the selling pressure is likely to continue for a few more sessions amid the ongoing consolidation on Dalal Street, however, the scope of a huge correction is not underway.

All sectoral indices under the Nifty umbrella were marred in red on Friday, barring Nifty Pharma . The losses were led by a nearly 3% slash in Nifty Metal , followed by Nifty PSU Bank and Nifty Auto .

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  • Sandeep Jajodia @Sandeep Jajodia
    June Expiry for Nifty 18700 To 18800
    Like 1
  • Sandeep Jajodia @Sandeep Jajodia
    Target of 115 of GAIL in July series with stoploss of 101
    Like 1
  • Sandeep Jajodia @Sandeep Jajodia
    sell on rise market for nifty with stoploss of 18825
    Like 1

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