Indian equity indices fell substantially in Friday’s trade ahead of the major Union Budget 2023 and the US Federal Reserve interest rate decision scheduled for this week. The Nifty fell to 17,604.35 levels, down 1.6% or 287.60 points, and the Sensex fell to 59,330.90, down 1.45% or 874.16 points. In spite of differing indications from the global markets, Indian equities ended lower on Friday, with the Nifty down by 1.3% and the Nifty Mid Cap and Nifty Small Cap down by 1.5% and 1.2%, respectively. The worst loser, Nifty PSU Bank, fell 3.6% and was followed by Nifty Bank down by 2.5% and Nifty Pvt Bank down by 2.3%. Analysts anticipate that in the upcoming sessions, bolstered by US monetary policy and the trend of the US dollar, market volatility could intensify as the Union Budget 2023 and ongoing 3QFY23 earnings season are expected to impact the markets.
Article Source:Money Control