Indian stock markets touched an all-time high last week – thanks to positive news on the vaccination front, positive cues from global markets led to a sharp rally in the Indian market. Indian Benchmark Index, BSE Sensex Both Nifty 50 and Nifty closed in the green on Friday, beating the initial ups and downs. The S&P BSE Sensex was up 176 points, or 0.31 per cent, at 56,124.72 while the Nifty 50 was up 68 points, 0.41 per cent at 16,705.20. The 30-share BSE Sensex for the first time touched a high of 56,188.23 and a low of 55,675.87 to close at 56,124.72. India’s volatility gauge also cooled down and fell 1 per cent to 13.54 from 13.34.
“Nifty is continuously hitting new milestones. After last week’s volatility, Nifty started the week on a positive note as global markets corrected leading to some positive sentiment. Market participants looked a bit upset on Monday, but buying interest was seen in the broader markets on Tuesday, prompting the index to again move towards new highs. In the next few sessions, Nifty consolidated within a range till the close and it resumed the momentum again towards the end of the week above 16700,” said Ruchit Jain, Senior Analyst – Technical & Derivatives, Angel Broking.
“But, the index is still in the consolidation phase and has not breached its critical support. Hence, there is a good chance of some buying interest in the region, which will further support the benchmark. The immediate support for Nifty is placed around 16600 and 16500, while the level to watch for an upside will be 16800 and then 17000 points,” Jain said.
covid-19 in india
jump in COVID-19 Infection in India is a big concern at the moment. Uncertainty arising out of the rise in Covid-19 infections may affect the market next week. As on August 28, India recorded 46,759 fresh Covid-19 infections, the highest in the last 55 days. The southern state of Kerala has reported 32,801 cases in the last 24 hours and it is now reporting over 30,000 cases for three days. This is one of the important numbers that the market will keep a close eye on.
macro-economic data
in the coming weeks, Gross Domestic Product Numbers will play an important role in deciding the direction of the market. The GDP figures are expected to be in double digits. Recently, State Bank of India (SBI) had forecast India’s GDP to grow at 18.5 per cent in the June quarter on a lower base effect. Next week the markets will be looking at the GDP figures which are due on August 31. Apart from GDP, manufacturing PMI, trade balance of payments data, infrastructure output data, manufacturing composite PMI data are other macroeconomic data that will be markets. Looking till.
Income
Major companies like Hindustan Aeronautical, IL&FS Engineering & Construction, Focus Industrial Resources, Rolltainers Limited, Newtime Infrastructure Limited and SDC Tech Media are going to release their earnings for the first quarter of 2021-2022.
US Fed Powell’s Speech and Jackson Hole Symposium
Over the past week, Indian markets were demanding clarity on the lack of stimulus from the US economy from Jerome Powell’s speech at the Jackson Hole symposium. As the program ended Friday this week, US Fed chief Jerome Powell told the symposium that the time was right for the Fed to start easing some of its economic support. However, he did not specify the exact time frame for the taping to begin. “A hawkish Fed could screw up the markets. On the other hand, if the Fed reiterates its ‘transient inflation’ principle and continues with QE until early 2022, the markets will remain resilient. Hence, the response of the FPIs to the Fed. Either way, they are unlikely to make big new money at these inflated valuations, said Dr VK Vijayakumar, chief investment strategist, Geojit Financial Services.
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