Market rallies for 3rd straight week, amid volatility, IT stocks worst hit, Realty gains

The Indian equity market indices clinched modest gains during the week, rising for the third week in a row. The market ended with marginal gains registering the winning streak for the ninth consecutive session on April 13, with the BSE Sensex rising 38.23 points to close at 60,431.00 and the Nifty at 17,828 up 15.60 points.After a negative start, the market extended losses as the day progressed, dragging Nifty below 17,750 amid weakness in the information technology stocks after disappointing numbers from TCS and ahead of Infosys earnings later in the day. However, final-hour buying erased the losses and the indices closed flat, according to reliable sources.

 Economy

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9 per cent, according to the recent reports. India’s retail inflation fell to (5.66 percent in March from 6.44 in February),within the central bank’s target range for the first time in three months as a series of interest rate increases since last year. While US inflation cooled to 5 percent, anxieties grew globally after the FOMC minutes hinted at a possible "mild recession" due to the impact of banking turmoil, according to sources.For the week, the Sensex and the Nifty rose 1 percent each. 

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)