India’s benchmark stock indices notched their third straight week of slight advances, buoyed by encouraging global sentiment, steady domestic inflows and solid second-quarter earnings.
The Nifty closed the week with a gain of 0.34 per cent at 26,202, while the Sensex rose 0.52 per cent to finish at 85,706.
According to analysts, overseas conditions remained broadly favourable, helped by easing US bond yields, renewed optimism over a potential Federal Reserve rate cut and relatively soft crude oil prices, all of which have eased inflationary worries.
In contrast, broader market indices lagged behind. The Nifty Midcap100 slipped 0.11 per cent, and the Nifty Smallcap100 dipped 0.10 per cent over the week.
Sector-wise, the strongest performers included pharmaceuticals, public-sector banks, media and information technology.
Realty counters, consumer durables and oil & gas stocks recorded weaker showings.
Markets moved through a busy week featuring swings in volatility, bouts of resilience and phases of profit-taking before ultimately ending with a positive finish.
During the week, the Nifty hit an intra-day low of 25,842 before recovering and touching 26,310 on the final trading session.
Key Support Levels to Watch
Bharat K Gala, President and Technical Head at Ventura, noted that traders should monitor the support band between 25,851 and 25,566.
A fall below this zone could drag the index towards 25,337 and further into the 25,107–24,780 region.
On the domestic front, a stronger-than-expected Q2 GDP reading, propelled by firm manufacturing output, robust construction activity and healthy private consumption, is expected to bolster market sentiment in the near term.
Experts further added that resilient GDP growth and strengthening credit trends provide a solid foundation for earnings momentum in the second half of the financial year, keeping the medium-term outlook constructive.
Investors will now turn their attention to next week’s key macroeconomic indicators, including PMI data from India and the US, US core PCE inflation figures and the Reserve Bank of India’s policy announcement.
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