Nifty and Sensex, the leading Indian equity indices, reached a three-week high and continued to rise for a second week in a row as global sentiment improved in the wake of better-than-expected US economic data and mounting expectations of a US rate cut at the September meeting.
Both the BSE’s benchmark Sensex and the NSE’s benchmark Nifty saw gains of 0.81 percent and 1.15 percent, respectively, as they closed at 24,823.15 and 81,086.21, respectively. The market’s forecast will be based on critical national and international economic data.
On the international front, the US July data on durable goods orders (MoM), US initial claims for unemployment benefits for August 24 and July, Japan’s unemployment rate, July data on industrial production and consumer confidence in Japan, and July data on US personal spending and income will be crucial variables for Investors.
The Nifty 50 index has shown a strong performance this week, closing near its all-time highs on the weekly charts,” stated Palka Arora Chopra, Director of Master Capital Services. The bullish structure is still in place, and the index is still showing strength. The momentum is anticipated to continue into the upcoming week, and if there is a possible breakout above 24,900, the index may move towards the 25,100 and 25,400 levels.
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