6 things that changed for the stock market over the weekend - Gift Nifty, Assembly election results to dovish US Fed

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global market front, Asian markets traded mixed while the US stocks ended higher on dovish commentary from Fed officials. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — December 4 The Indian equity market witnessed healthy gains on Friday, with the benchmark Nifty 50 hitting its fresh record high in the intraday session after India's Q2 GDP numbers exceeded expectations.

The Sensex ended 492.75 points, or 0.74%, higher at 67,481.19, while the Nifty 50 rose 134.75 points, or 0.67%, to settle at 20,267.90. “The outcome of state election results hints towards continued uprun in markets.

While part of the outcome was discounted in advance, there is a scope for a further upmove discounting the positive surprises coming out from the results. Having said that, we could witness some profit taking at higher levels due to the end of a near term uncertainty," said Dhiraj Relli, MD & CEO, HDFC Securities.

Also Read: Assembly election results 2023: How will the Indian stock market react? He believes if FPIs indulge in large short covering in F&O markets and increase momentum of buying in cash markets post these results, Nifty could keep rising at a healthy pace beyond a couple of days. “Markets will also look forward to fresh triggers from now (other than flows) till the middle of January even as a lot of FPIs will reduce their activity levels post December 15 due to year-end holidays," Relli noted.

Also Read: Markets may open higher as F&O bears crash out Here are key domestic and global market cues for Sensex today: Asian markets traded higher on Monday tracking gains on Wall Street and ahead of key economic data releases this week. MSCI's broadest index of Asia-Pacific shares outside Japan was up