Weekly market update, Jul 19, 2024

India benchmark indices have held their best stretch of gains in over seven months, as they have risen for seven straight weeks. On weekly basis, The Nifty 50 gained 0.12% and Sensex rose 0.11% in the week ended July 19. Overall markets got impacted due to new tensions between the US and China, and Investors were also cautious ahead of the Union Budget next week on July 23, which will provide the next set of directions to the market. Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap indices were 2.63% and 2.84% lower, respectively. On sectoral front, it was mixed, The NSE Nifty Media declined the most, and the NSE Nifty IT rose the most.

In the fourth week of July, Analysts expect that investors will shift their focus on Union Budget 2024 that will be presented by Finance Minister Nirmala Sitharaman on Tuesday. Apart from Union budget, 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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