Wall Street ended lower on Friday with the Dow Jones falling over 200 points, S&P 500 declining 0.8 percent, while the Nasdaq fell 1 percent. The S&P 500 had a negative week for the first time in six, the Nasdaq snapped an eight-week winning run, while the Dow Jones posted weekly losses after three successive weeks of gains.

In some major news developments in Russia, mercenaries by the name of the Wagner group took control of the southern strategic city of Rostov and began an armed convoy March towards Moscow. However, a deal brokered by the end of the day saw leader Prigozhin asking his men to return in lieu of the criminal case against him being dropped. Prigozhin will himself move to Belarus in what appears to be an official exile. The street will watch for developments even as a potential rise in geopolitical tensions was averted. President Vladimir Putin will hold an important meeting today where major changes to the defence establishment are expected.

Back home, the Nifty 50 ended the week with losses of nearly a percent after falling just one point short of a record high on Thursday morning. The index has already corrected 220 points over Thursday and Friday from the swing high of 18,886. The Nifty 50 too ended a four-week gaining streak. Broader markets also broke their recent positive run with the small and midcap indices ending lower between 1-1.2 percent. Weak commentary by global IT giant accenture, a higher-than-expected rate hike by the Bank of England and hawkish comments by Fed Chair Jerome Powell triggered profit booking at higher levels.

Foreign investors were net sellers in the cash market on Friday, as were domestic investors. Foreign investors were net sellers in four out of the last five trading sessions. However, one must note that the numbers on most days were influenced by a slew of block deals that took place through the week in names like Delhivery, Shriram Finance, Sansera Engineering, Landmark Cars among others. Foreign investors were also net sellers to the tune of Rs 783 crore in index futures.

For this week, the US will release its final GDP data for the first quarter of 2023. The second estimates already indicated a slowdown in growth to 1.3 percent from 2.6 percent in Q4 2022 and 3.2 percent in Q3 2022. Fed Chair Jerome Powell is also scheduled to speak on June 28-29 and the street would be watching out for some commentary there. Back home, progress of the monsoon and the June F&O series expiry will be in focus. Despite the correction of the last two days, the Nifty 50 is up nearly 350 points for the series so far. From the primary markets, three IPOs - IdeaForge, Cyient DLM and PKH Ventures will open for subscription.