Amidst improving global sentiments following the better-than-expected US economic data and mounting expectations of a US rate cut in the September meeting, India’s leading equity indices, the Nifty and Sensex, continued their winning run for a second week in a row, reaching a three-week high.
The benchmarks for the NSE and BSE closed at 24,823.15 and 81,086.21, respectively, with the Nifty rising 1.5 percent and the Sensex gaining 0.81 percent.
Key domestic and international economic data will determine the market’s outlook. The US Durable Goods Orders (MoM) for July, the US Initial Jobless Claims for (Aug/24), the unemployment rate in Japan in July, the data on industrial production and consumer confidence in Japan in July, and the US data on personal spending and income in the US in July 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 still shows strength. It is anticipated that the momentum will last into the upcoming week.
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