Weekly market update, Jul 26, 2024

India’s benchmark equity indices recorded its best streak of weekly gains amid positive sentiment driven by data showing the U.S. economy grew at an estimated annual rate of 2.8% from April to June, doubling the previous quarter’s growth rate, and cooling inflation in the U.S. also fueled expectations of potential Federal Reserve rate cuts. On a weekly basis, the Nifty added 1.24% and the Sensex closed 0.90% higher. Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices ended 3.13% and 3.45% higher, respectively. Most sectoral indices ended higher this week with Nifty Pharma leading and Nifty Bank coming out as the top loser.

Analysts expect that the US Fed meeting and the quarterly earnings will be major market movers in the coming week, with no significant domestic events lined up.

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