It was a tough ride for Indian markets during the week as the GDP and corporate earnings estimates were modest, which in turn weighed heavily on investors' sentiments. This meant that the broader market too endured heavy selling pressure.Just 4 smallcap stocks delivered double digit weekly returns with the highest return being 9% from Spandana Sphoorty Financial. PTC Industries, Coffee Day Enterprises, Vijaya Diagnostic and Pokarna were the rare few winners with double-digit gains during the week.On the contrary, as many as 176 stocks fell in double-digits. Some of the biggest losers were Jai Corp, KEC International, Inox Wind, Skipper, Oriental Rail Infrastructure among others.No midcap stock during the week delivered double-digit returns. The highest return in this segment was from The Phoenix Mills at 5.5%, followed by UPL at 3.5% and Uno Minda at 3.2%. About 18 stocks in this pack fell in double-digits with Kalyan Jewellers losing as much as 20%.Among the Sensex pack, Tata Consumer topped the charts with 4% returns, followed by HCL Tech at 2.5% and HUL at 1.5%. Just 8 stocks out of the 30 constituents in the benchmark ended the week on a positive note, while the rest 22 of them closed with cuts.During the week, foreign investors sold nearly $2 billion, exacerbating the negative sentiments in the market. The strengthening of the dollar, along with rising US bond yields, has also impacted investor confidence.What should investors do?In the upcoming week, corporate earnings will be in the spotlight, with major companies, including IT giants, releasing their Q3 results. Key macro data, such as India's inflation rate and industrial production figures, will also play a crucial role in shaping market direction."A spike in crude oil prices will add inflationary pressure. Overall, market volatility is expected to remain as investors react to a mix of earnings, macroeconomic data, and global cues," said Vinod Nair, Head of Research at Geojit Financial."Consolidation may persist in the near term, with investors closely watching today’s US non-farm payroll data for further guidance. Additionally, India’s CPI release on Monday will be a key factor," said Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial.Technically, Nifty is currently placed at the downside breakout of the support of around 23,500 levels."A decisive slide below the said support could open the next downside of around 23,260 and lower in the short term. Immediate resistance is at 23,700," said Nagaraj Shetti.(With data inputs from Ritesh Presswala)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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