Weekly market update, Jul 12, 2024

Indian equity indices rose for six straight weeks, marking the best weekly winning streak since Dec 11, 2023. The strong result from the IT bellwether and a drop in US inflation to a one-year low added optimism to the market. On weekly basis, The Nifty 50 rose 0.74%, and Sensex rose 0.65%. Broader markets underperformed benchmark indices. The S&P BSE Midcap ended 0.15% higher and BSE Small cap ended 0.26% lower for the week. On sectoral front, this week, six sectors advanced, six declined out of 12. The NSE Nifty FMCG emerged as the top performer, followed by the NSE Nifty IT. The NSE Nifty Metal led losses.

Analysts expect that Investors will keenly eye any Union Budget-related or government policy announcements as they may result in stock-specific action in the coming week. The next set of April-June quarter results for fiscal 2024-25 (Q1FY25), domestic and global macroeconomic data, corporate announcements, foreign fund inflow, crude oil prices, and global cues will drive market movement in the coming week.

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