The benchmark indices as well as broader markets recorded fresh all-time closing highs in the week ended August 30, with the Nifty 50 finishing the week above the psychological 25,000 mark for the first time, backed majorly by IT stocks on hope of fed funds rate cut expectations from the September policy meeting, and renewed FIIs’ buying interest.
Despite major correction in the beginning, the August month, too, closed higher with over a percent gains, continuing uptrend for third consecutive month.
Moody’s upgraded India’s GDP rating forecast (to 7.2 percent for 2024 and 6.6 percent for 2025 from earlier estimates of 6.8 percent and 6.4 percent, respectively), citing strong broad-based growth and healthy MSCI inflow, which also boosted market sentiment.
On Monday, the market will first react to Q1 GDP numbers announced last Friday and auto sales data from some companies over the weekend.
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Overall, according to experts, the sentiment may remain positive despite likely intermittent consolidation and fresh highs can’t be ruled out next week, with a focus on the global macro data and PMI numbers.
During the last week, the BSE Sensex rallied 1.58 percent or 1,280 points to 82,366, and the Nifty 50 climbed 1.66 percent or 413 points to 25,236, while the Nifty Midcap 100 and Small cap 100 indices gained 1.25 percent, and 1.19 percent, respectively.
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