Market Gauge: Indian Equity Market Condition as on 24th March 2024

Market Gauge by Rohan Jagtap

Valuations become slightly expensive compared to last week.

As per market gauge, still the market sentiments are negative, and a further decline is expected.

Market Trend : Downtrend

The Indian stock market ended the week of March 24th, 2024 on a slightly positive note, despite headwinds. The Nifty and Sensex indices managed small gains around 0.33% and 0.26% respectively. This positive performance came even with Foreign Portfolio Investors (FPIs) turning net sellers for the week to the tune of $314 million. The big news that influenced the market was the US Federal Reserve's statement hinting at three rate cuts in 2024, easing concerns about a global economic slowdown. However, this positive sentiment was countered by a sharp sell-off in the IT sector, particularly heavyweight stocks like TCS, Infosys, and HCL, following downgraded revenue guidance by Accenture.