Weekly market update, Aug 30, 2024

Domestic equity indices extended their winning streak for a third consecutive week buoyed by a strong global market trend and renewed foreign fund inflows as expectations for a US rate cut gained traction. The primary driver behind the bullish momentum in the domestic market is the growing anticipation of a rate cut in the United States and buying support from domestic investors. On weekly basis, the BSE Sensex jumped 1.58%, and the Nifty rose 1.66%. Broader market indices, the BSE mid-cap and small-cap indices gained 1.54% and 0.61%, respectively. Most sectoral indices ended higher with Nifty IT rising the most. Nifty PSU Bank and Nifty FMCG were the only indices that declined.

Movement of stock market in the coming week will largely be driven by global trends, macroeconomic data announcements and trading activity of foreign investors, Analysts said. Equity benchmark indices will also track trading in global oil benchmark Brent crude and movement of rupee against the US dollar.

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