The Indian equity markets ended the truncated week in the red, witnessing a pullback after surging higher for three straight weeks. Technology stocks in the US witnessed a steep correction with the Nasdaq hitting a seven-month low. This resulted in a correction in equity markets across the globe.
The week gone by also witnessed the outcome to a crucial RBI board meeting. The central bank has agreed to provide relief to small and medium firms and ease lending restrictions on some state-owned banks, effectively reducing the tension that was brewing between the government and the RBI. Both sides accommodated each other’s views and the next meeting is scheduled for December 14.
All eyes would now shift to the G20 gathering in Buenos Aires next week to see whether the trade impasse between US and China will be resolved, paused, or escalated, ultimately impacting the global economy.
Sector-wise, the IT index corrected 4.4%, Metals fell 4.17%, PSU Bank dipped 2.75%, while the Energy index fell 2.33% in the week to November 22.
On the other hand, Realty was up 1.89%, FMCG was up 0.3%, while Pharma gained 0.01%, respectively. For the week, Nifty dipped 1.46%, while Bank Nifty corrected 0.94%.
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