Indian Equity Market Hits Record Highs: Nifty Surpasses 24,500 for the First Time, Sensex Reaches Around 80,893
The Indian equity market experienced one of the best weeks of 2024, with the Nifty and Sensex reaching all-time highs of 24,592.20 and 80,893.51, respectively, before closing at 24,502.15 and 80,519.34.
Mumbai, July 14 (IANS): The Indian equity market experienced one of the best weeks of 2024, with the Nifty and Sensex reaching all-time highs of 24,592.20 and 80,893.51, respectively, before closing at 24,502.15 and 80,519.34. This marked gains of 0.73 per cent for the Nifty and 0.65 per cent for the Sensex. Both benchmark indices extended their winning streak for a sixth consecutive week. It is the first time ever that the nifty closed above 24,500. On the other side, small-cap and mid-cap stocks underperformed compared to large-cap. However, several PSU stocks posted staller gains during last week.
The outlook of the market will be guided by several domestic and international factors next week. On the domestic front, upcoming budget-related announcements, Q1 Fy25 results, monsoon updates and foreign institutional investments (FIIs) inflows will catch investors' eyes in the week ahead. On the global front, China will be a significant focus. The country is scheduled to announce its GDP and Index of Industrial Production (IIP). Additionally, there is speculation about a major economic stimulus announcement, which could keep the metal sector in the spotlight. Indian Economy’s Biggest Challenge Is Structural Unemployment Among Youth: Zerodha CEO Nithin Kamath.
Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan. These developments are likely to influence market movements and investor sentiment. Vinod Nair, Head of Research of Geojit Financial Services said: "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." Zerodha Kite Glitch Causes Users To Lose Lakhs of Rupees, Company Says Problem Was Due to Connectivity Issue at BSE and ‘Issue Now Resolved’.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services, said that on the daily chart analysis, Nifty has exhibited a breakout from the psychological resistance level of 24,500, indicating that the bullish trend is likely to continue into the next week. "Despite this positive trend, buying on dips is expected to provide resilience to the market. However, strong upward movements may attract profit booking, making a sustained rally challenging," Nanda added.
(The above story first appeared on LatestLY on Jul 14, 2024 01:48 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).