Last week, the benchmark indices moved higher as the Friday session progressed and touched a fresh high. The latest moderation in US inflation, better-than-expected TCS results, and lack of negative market fundamentals triggered the market.
Observing the market trends, Vinod Nair, Head of Research, at Geojit Financial Services said, “We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook. The good progress in the monsoon and expectations of an uptick in volumes aided FMCG stocks to outperform the main indices. In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched carefully by investors to get cues on market momentum.”
Sensex and Nifty have cumulatively accumulated 11-13 per cent returns so far in 2024-25. Strong buys by both foreign and domestic institutional buyers also have been supporting the stock markets.
This story is from the July 15, 2024 edition of The Business Guardian.
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This story is from the July 15, 2024 edition of The Business Guardian.
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