Weekly Market Snap:
Weekly Market Movement:
During the week ended on Friday, 4th August 2023, the domestic equity benchmarks experienced a decline for the second consecutive week, mainly triggered by Fitch's recent downgrade of the US credit rating. Both the S&P BSE Sensex and Nifty 50 index nudged lower, with the Sensex slipping by 438.95 points or 0.66% to close at 65,721.25, and the Nifty 50 declining by 129.05 points or 0.66% to settle at 19,517.
Throughout the week, the frontline indices witnessed losses in three out of five trading sessions. On the other hand, the BSE Mid-Cap index remained relatively stable at 30,162.66, while the BSE Small-Cap index recorded an increase of 1.51%, closing at 35,070.65.
Economic Updates:
India's services activity rose to 62.3 in July from 58.5 in June, indicating strong growth in the services sector.
India's manufacturing PMI remained stable at 57.7 in July, showing continued improvement in the sector for 25 consecutive months.
The Index of Eight Core Industries grew by 8.2% in June 2023, marking the highest growth in five months.
India's unemployment rate declined to 7.95% in July, driven by increased demand for agriculture labor in rural areas.
The Central government achieved over 37% of its FY24 borrowing target in the first four months of the fiscal year.
The fiscal deficit for the April-June quarter reached Rs 4.51 lakh crore, accounting for 25.3% of the annual target.
The Ministry of Coal reported a significant surge in coal production in July 2023, with a growth rate of 14.11% compared to July 2022.
