Weekly market update, Sep 20, 2024

The India equity market indices logged gains for a second consecutive week and recorded new highs largely driven by a 50-basis-point rate cut by US Federal Reserve, showing no significant concerns about the US economy. On weekly basis, The Nifty added 1.71% this week and the Sensex jumped 1.99%. The broader market indices, the BSE MidCap ended 1.90% higher and the SmallCap ended lower by 0.08%. Among sectors, Nifty Realty and Nifty Bank were the top gainers, and Nifty Media and Nifty IT fell.

Analysts believe that the overall trend in markets remains positive, and the rate cut from the US Fed should further boost flows into emerging markets, including India. Additionally, lower crude oil prices, good monsoons, and surplus liquidity with DIIs should support capital markets in the near term. In the coming week, investors will closely monitor key market triggers such as domestic and global macroeconomic data, monthly derivates expiry, foreign fund inflows, crude oil prices, and other global cues.

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