BSE closed at 28,236 and the NSE closed at 8,565 gaining by 122 points and 32 points
On the back of positive cues from the government over revival of struggling sectors like sugar and others and status quo by RBI on interest; markets gained for second consecutive week during the week ended.
On the back of positive cues from the government over revival of struggling sectors like sugar and others and status quo by RBI on interest; markets gained for second consecutive week during the week ended. For the week, the BSE closed at 28,236 and the NSE closed at 8,565 gaining by 122 points and 32 points respectively.
However, there was significant buying in broader market reflected by 2.5 per cent and 2.3 per cent jump in the BSE Midcap and the BSE Smallcap indices. Downward crude trajectory continues to be big positive. Stalemate in parliament and fears of GST getting delayed was a dampener. Experts believe that the weekend US jobs report was strong enough to justify the probable action of US Fed to raise its rate in September for the first time in nine years.
Watch out for spike in volatility in global markets. Last week gold notched it’s seventh straight week of losses. Observers fear that the breakdown is about to get a lot worse and that very soon gold will slide below the psychological level. Near term direction of markets will be determined by the last leg of earnings — SBI, CIL, ONGC, Sun Pharma, Tata Steel and others, progress of monsoon, Parliament proceedings and macro economic data like IIP and inflation numbers.
( Source : deccan chronicle )
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