Mumbai, Aug 25 (IANS) Indian frontline equity indices, Nifty and Sensex, extended their winning streak for a second consecutive week, hitting a three-week high, on improving global sentiments following the better-than-expected US economic numbers and growing expectations of a US rate cut in the September meeting.
NSE’s benchmark Nifty advanced by 1.15 per cent, while BSE’s benchmark Sensex gained 0.81 per cent, closing at 24,823.15 and 81,086.21 respectively.
The outlook for the market will depend upon major domestic and global economic data.
On the global front, the US Durable Goods Orders (MoM) for July, US Initial Jobless Claims for (Aug/24), Japan’s Unemployment rate in July, Japan’s Industrial production and Consumer Confidence data for July and US Personal Spending and Personal Income data for July will be key factors for investors.
On the Domestic front, India’s Q1 GDP numbers are scheduled to be released on August 30. It will affect the market moments.
In the next week, Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) activities will be crucial for markets.
Palka Arora Chopra, Director of Master Capital Services said, “The Nifty 50 index has shown a strong performance this week, closing near its all-time highs on the weekly charts. The index continues to display strength, with the bullish structure remaining intact. The momentum is expected to persist into the coming week, with a potential breakout above 24,900 likely driving the index towards the 25,100 and 25,400 levels.”
“On the downside, the 24,350 level will now serve as critical weekly support,” she added.
Pravesh Gour, Senior Technical Analyst at Swastika Investment Ltd said, “The Indian Stock Market is expected to follow the US stock market next week, as the likelihood of a ‘soft landing’ for the global economy increases amid signs of economic softening.”
“After the rate cut signal from the US Fed, commentary coming from other central banks will decide the direction of the market,” other market experts said.
–IANS
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