Weekly market update, July 16, 2024

Domestic equity indices ended with weekly gains after two consecutive weeks of losses. The week began on a subdued note, influenced by mixed signals, and rebounded by end of the week, supported by positive global cues. Major markets across the globe rose after recent US macro data soothed fears of recession amid the expectations of a rate cut by the Fed in September. A significant fall in the US inflation also influenced market sentiment. The US consumer prices for July rose below 3 per cent for the first time in nearly three-and-a-half years. On weekly basis, the Nifty added 0.71% and the Sensex rose 0.92%. Broader markets rose in line with the benchmark indices. The BSE Midcap and Smallcap indices ended 0.43% and 0.45% higher, respectively. On sectoral front, Nifty IT gained the most by nearly 5% during the week and Nifty PSU Bank closed the week 2.15% lower.

Analysts expect that the market focus will now shift towards macro data, monetary policy action and geo-political events. In the coming week, Investors will eye upcoming domestic and global macroeconomic data, US Federal minutes of the meeting, Fed chief’s Jackson Hole speech, foreign fund inflow, crude oil prices, and global cues.

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